UK's Vistry says housing market conditions are improving

UK HOMEBUILDER Vistry Group said on Wednesday (Mar 22) that conditions were improving in the housing sector, as it reported a 21 per cent rise in annual profit to beat market expectations.

A recent uptick in buyer sentiment has failed to allay slowdown concerns in the British housing sector, as elevated mortgage rates and fears of a potential economic downturn hamper demand and drive down house prices.

Vistry pointed out an improved sales trend in the first 11 weeks of the current fiscal year, with the year-to-date average private sales rate per site per week at 0.54, which increased to 0.62 in the last four weeks.

The FTSE mid-cap builder said that its adjusted pre-tax profit was £418.4 million (S$686.9 million) for the year ended Dec 31, compared with Refinitiv Eikon analysts’ average estimate of £411.1 million. REUTERS