Vistry raises profit target to £325m as housing demand remains high
Vistry today said its annual profit will come in higher than expectations as the housing sector benefits from a surge in demand.
The housebuilder said it had a “very positive start to the year”, securing an average weekly private sales rate of 0.75, up 21 per cent on 2019.
Vistry expects to complete around 6,500 home sales before the end of the year, way ahead of the 4,652 sold in the previous 12 months.
The firm expects to record at least £325m of pre-tax profit for the year, having previously forecast around £310m.
Housebuilders have seen a surge in demand for properties after an extension to the stamp duty holiday and lower interest rates throughout the pandemic.
Following the trading update, shares in Vistry Group shot up 1.9 per cent as markets opened.
Greg Fitzgerald, chief executive of Vistry, said that the business holds an “exciting and unique market position”.
“Delivering high quality homes and excellent customer service remains a top priority for the group.
“We are pleased to have maintained our 5-star customer satisfaction rating and continue to make progress, with the group now achieving scores ahead of 2020 levels.”