Demand for new homes booms despite cost of living crunch


UK developer Vistry Group says British house hunters still pushing to buy homes despite cost of living uncertainty

British house hunters are still pushing to buy homes despite cost of living uncertainty, says UK developer Vistry Group. 

In an upbeat report, it said that it sold 3,219 new-build homes in the first half of 2022, 93 more than in the same period last year. 

And with little sign of the housing market cooling, it now expects profits for the full year to be ‘at the top of market forecasts’. Before yesterday’s update, analysts were pencilling in profits of up to £417m. 

Upbeat report: Vistry said that it sold 3,219 new-build homes in the first half of 2022, 93 more than in the same period last year

Vistry chief executive Greg Fitzgerald said: ‘The group has delivered an excellent first-half performance, significantly exceeding our expectations at the start of the year. 

‘Demand has been strong across all areas and our forward sales positions further strengthened. The business is in great shape. Whilst mindful of the wider economic uncertainties, we are positive on the outlook.’ 

Its shares rose 2.2 per cent, or 18p, to 831.5p yesterday. 

The update came a day after rival Persimmon warned it has been hit by planning delays, rising costs and a shortage of materials and staff. 

Fitzgerald, who has been boss since 2017, said new homes were being sought despite rising inflation, soaring costs, and higher interest rates. 

There is a growing need for all types of housing, from private sector and local authorities to elderly accommodation providers, according to the company.

Read more at DailyMail.co.uk