Springfield: London-listed property developer inks £15m affordable housing deal
Scottish housebuilder Springfield has won a £15.3m contract to build affordable housing in the region.
In an update this morning, the London-listed firm said it would be working with Highland Housing Alliance to complete the homes.
Innes Smith, chief of Springfield Properties, said:“Within the last eight months, we have signed contracts worth circa £40m with local housing authorities and other affordable housing providers.”
“Alongside the design and build contract, we are pleased to have this opportunity to deliver a bulk sale that will support our overall sales rates as well as our focus on maximising cash generation.”
Despite a national slow down in the housing market, fuelled by the cost of living crisis, Springfield said there has been an uptick in interest in the affordable housing market.
Last year, it signed £24m worth of new affordable housing contracts.
Fellow listed housebuilder Vistry said last year it would cut 200 jobs back in October and also focus on affordable housing after a volatile housing market eroded buyer demand.
Thanks to the revised business model, the housebuilder said pre-tax profits for 2023 were ahead of its previous guidance and in line with last year at £418m.