Housebuilding growth continues at Countryside

Countryside has seen its Housebuilding arm grow in the six months to the end of March according to financial results released today.

Total Housebuilding completions were up 7% at 483 homes against 450 in the same period last year in line with expectations. Of these 291 were total private completions, also up 7%.

The firm’s private average selling price (ASP) was “broadly flat” at £531,000 (HY 2017: £538,000). Countryside said it continues to see strong sales at the price points below £600,000, which represented 76% of the Housebuilding division’s sales in the half year period.

Affordable completions were up 7% in the period to 192 homes reflecting an increase in the number of sites under construction, while affordable ASPs increased by 5% £181,000 (HY 2017: £172,000).

Adjusted operating profit in the Housebuilding division was £37.3 million, up 8% despite a lower contribution of £5.2 million to operating profit from commercial activities and land sales than in the prior period. The adjusted operating margin of 16.9% was up 60bps on the prior period.

The firm says it is continuing to grow the Housebuilding division within a 50 mile radius of London and had 30 open sales outlets at 31 …