Vistry sees FY ahead of guidance on forward sales as loan rates ease

(Sharecast News) - UK house builder Vistry on Friday said 2023 financial performance would be ahead of expectations, driven by strong forward sales.

In a trading update, the builder of affordable homes, said forward sales were up 12.4% year on year at £4.5bn.

It added that the easing of mortgage rates in recent weeks was encouraging and would help stimulate demand in 2024.

Adjusted pre-tax profits were expected to be flat at £418m, but ahead of guidance, in a year when inflation sent borrowing costs soaring, deterring lenders and buyers.

Reporting by Frank Prenesti for Sharecast.com