Stable conditions enjoyed by Linden Homes

Issuing a trading update for the period from January 1 to May 20 2019, Galliford Try, the housebuilding, regeneration and construction group said that its housebuilding arm Linden Homes had continued “continues to perform well” and maintained a sales rate of 0.68 since the start of the year; this was a dip on the 0.71 of the equivalent period in 2018.

Linden’s average sales outlets during the period were 79 against last year’s 84. Its unit sales reserved, contracted or completed totalled 4,320 compared to last year’s 4,494. This was at a lower average selling price which reflected planned changes to the product mix, GT said.

As a result, total sales carried forward totalled £1,054 million, of which £770 million is for the current financial year (2018: £1,183 million and £904 million respectively).

Meanwhile, GT said its Partnerships & Regeneration division “continues to deliver a strong performance.”

In this division, mixed-tenure sales reserved, contracted or completed rose to £284 million of which £175 million is for the current financial year to June 30 2019 (2018: £175 million and £123 million, respectively).

Graham Prothero, GT’s ceo, said: “Despite the ongoing macro-economic and political uncertainty, housing demand continues to be supported by a strong mortgage market, and by Help to Buy. Linden Homes continues to see a steady sales rate and to deliver operational improvements, and we are delighted with the continued strong progress of our Partnerships & Regeneration business.”

Prothero was appointed ceo from group finance director in March, following the news that Peter Truscott would be leaving the business to head Crest Nicholson in the autumn.