"Strong growth trajectory" at Countryside

Total completions at Countryside Properties are up 15% in the six month period to the end of March 2018 according to a trading statement issued today.

Completions hit 1,655 overall, up 19% at the firm’s Partnerships arm and up 7% on the private side.

Overall the firm’s private average selling price is down 11% to £392,000 “in line with stated objectives” with the ASP at the Partnerships side down from £368,000 to £308,000 due to increased completions in the West Midlands. The private ASP on the Housebuilding side stayed “broadly flat” at £531,000 compared to £538,000 in the same period last year.

The firm’s net reservation rate stands at 0.87 (H1 2017: 0.89) with open sales outlets up 8% to 52.

Overall Countryside said completions and revenue are in line with expectations, “with accelerated cash delivery” helping to fund the acquisition of Westleigh Group for £135.4 million announced last week.

Ian Sutcliffe, Countryside’s group chief executive, said: "We continue to deliver our strong organic growth trajectory with robust trading in all regions. We enter the second half in great shape and our acquisition of Westleigh will further increase our Partnerships momentum by expanding our geographic reach and mixed tenure …