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Countryside buoyed by strong demand

Countryside Properties said completions rose 28% to 3,389 homes in the year to September 30.


New-build homes figures

New-build homes figures

New-build homes figures

Countryside Properties ramped up its housebuilding efforts last year as increased demand from first-time buyers and low interest rates drove demand.

The group, which has its headquarters in Essex and floated on the stock market last year, said completions rose 28% to 3,389 homes in the year to September 30.

Countryside added that its private forward order book is up 8% at £242.4 million and net reservation rates rose to 0.84 from 0.78.

It said the Government’s Help to Buy scheme is also underpinning sales.

However, the average selling price of its homes fell 8% to £430,000 as it reduced exposure to higher end properties amid a slowdown in sales in that market.

In its partnerships division, prices increased by 12% to £343,000, driven by strong price growth in outer London and regional cities, the firm added.

Boss Ian Sutcliffe said: “We have successfully positioned our business to meet the strongest areas of customer demand and are greatly encouraged by the continued and increased political support for mixed tenure housing.

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“We see further opportunities for both our partnerships and housebuilding divisions and remain entirely confident in delivering our medium-term growth plans.”