Countryside’s completions up 29%

Countryside Properties’ total completions climbed 29% to 1,060 units during its third quarter.

Issuing an update for the period covering April 1 to June 30 2018, Countryside’s overall private average selling price dipped 7% as anticipated to £376,000 compared to the equivalent period in 2017, with underlying sales price growth of 2%.

Countryside’s net reservation rate (per active outlet per week) moved slightly up, from 0.88 in Q3 2017 to 0.89. It grew its open sales outlets 36% to 60. The company’s private forward order book lifted 16% to £409 million.

Sales outlets in its Housebuilding division increased 20% to 30, but with its total completions slightly down from 257 homes in Q3 2017 to 237.

Countryside said the Housebuilding business remained on track to deliver its growth targets. “Additionally, we continue to see the benefits of increased scale and operational efficiency improving returns,” the firm said.

Total completions in Countryside’s Partnerships division increased 46% to 823 homes, with sales outlets increasing from 19 to 30. Its performance was boosted by Countryside’s acquisition of partnerships housebuilder Westleigh in April.

The firm said it remained set to deliver on its expectations for FY2018. It reiterated its medium term guidance issued on June 27, for growth in total completions of 10 to 15%-plus per annum, with an operating margin of 17%-plus.

Chief executive Ian Sutcliffe said: “We are delighted with the continuation of our strong growth in both completions and forward order book. This together with the integration of Westleigh, which is firmly underway, positions us well for the year end and beyond. We remain focused on mixed tenure sites to deliver strong growth, high returns on capital and long-term resilience.”