Vistry in profits upgrade as housing demand remains high

Vistry Group has said annual profits will come in ahead of expectations, as it joins the list of builders benefiting from the UK housing boom.

The housebuilder, formed via Bovis’ £1.1 billion deal to buy Galliford Try’s housing arms last year, said it has had a “very positive” start to the year.

The number of home sales it expects to complete in the year to December 31 is around 6,500, up from its previous forecasts, and ahead of the 4,652 sold in the prior 12 months.

A number of housebuilders have seen high demand for properties since lockdown restrictions for the housing market eased in May 2020. Since then a stamp duty holiday has been launched, and a new mortgage guarantee scheme to help people with a 5% deposit get on the property ladder was recently introduced.

Numerous buyers have also reassessed their housing needs during the pandemic.

Vistry chief executive Greg Fitzgerald said: “As we approach the end of our first half, we anticipate results for the six months will be well ahead of our previous expectations.”

The firm has previously guided to adjusted pretax profits of at least £310 million for the year. It now expects to record around £325 million.