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Countryside On Track For Full Year, Noting Continuing Robust Demand

Thu, 28th Jul 2016 08:19

LONDON (Alliance News) - Housebuilder and regeneration company Countryside Properties PLC on Thursday said both the number of houses it sold and the price at which it sold those houses rose in its third quarter, and said it was on track to deliver expectations for its full year.

Countryside, which listed in London in February, said completions were up 29% to 583 units for the three months ended June 30, compared to the 453 units reported a year earlier, while average selling price increased to GBP348,000, 7.0% higher than GBP325,000 the prior year.

Countryside said its sales rate remained "healthy" during the period at 0.76 net sales per active outlet per week, compared to the 0.72 reported a year earlier, and said its open sales outlets increased by 37% to 37 from 27 the prior year.

The company posted a 4.0% rise in the size of its land bank to 27,115 plots from 26,000 plots, and said demand for its product remains "good, with visitor levels and gross reservation rates consistent with those reported at our half year results and the prior year".

"While we saw an immediate increase in cancellation rates as a result of the EU referendum, these have now returned to more normal levels and cancelled product has been reselling well since, often at higher prices," the company said.

"While it remains too early to tell what the longer term impact of the EU referendum on consumers may be, demand for housing remains strong with good mortgage availability, affordability and continued political support for the sector," Countryside added, noting that it was in line to deliver expectations for the current year.

Shares in Countryside were down 0.2% at 228.80 pence on Thursday morning.

By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland

Copyright 2016 Alliance News Limited. All Rights Reserved.

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