Leading residential developer Crest Nicholson has revealed that it is on target to deliver 4,000 new homes by 2019 in its latest half-year results for the six months ended 30th April 2017.
Crest Nicholson on Target to Deliver 4,000 Homes by 2019
Trading for the half-year is in line with management expectations, the firm reports, and is on track to deliver growth in revenue for the full year to 31st October 2017.
Operating in the southern half of England, Crest Nicholson’s open market average selling price for the period was up by 12% on the previous six months, to reach £418,000.
Average sales per outlet per week average 0.81, which is in line with the average sales rate for the whole of 2016. Outlet numbers increased, averaging 49 in the first half of this year, up by 11%.
The developer’s unit completions were broadly in line with the same period last year, at 1,021. Overall unit completions, as expected, were lower, at 1,064, compared with 1,206 in 2016.
The firm’s forward sales in mid-June this year stood at £540.4m, up by 4% on last year. Forward sales for the whole of 2017, including year-to-date completions in mid-June, were 6% higher than the same period last year.
Crest Nicholson insists that it is on target to deliver 4,000 homes and £1.4 billion in sales by 2019.
The Chief Executive of the firm, Stephen Stone, comments: “Crest Nicholson has delivered solid foundations for another year of growth in the first half of 2017. We have taken the first steps to establish a new division in the Midlands, increased outlets, built momentum in 2017 forward sales and pursued disciplined expansion of the land pipeline.
“The outcome of the UK General Election may introduce some uncertainty in the short-term, but we expect the new build housing market to remain robust. Strong levels of employment, low interest rates and good mortgage access – including through the Help to Buy scheme – should all contribute to a sustainable new build housing market.”
He adds: “We are on track to deliver growth in revenue this year, and are planning for the medium-term as we progress towards our 2019 targets of £1.4 billion sales and 4,000 homes.”