Strong quarter for Countryside

Countryside Properties had a “very strong” first quarter of its financial year, with completions up 47% to 852 units (Q1 2017: 581 units), ahead of expectations.

Issuing a trading statement for the period from October to December 2017, the housebuilder reported that it has brought down its private average selling price (ASP) across the business by 11% to £394,000 “in line with our strategic objectives” with underlying sales price growth of 3%.

Net reservations per active outlet per week stood at 0.70 (0.73) with open sales outlets up 7% to 49. Countryside has a private forward order book of £242.9 million against £292.9 million last year.

The Partnerships division saw 50% growth in completions and secured an additional 1,128 plots during the quarter, commencing construction on five new sites in London. Private ASP in the division reduced in line with expectations to £319,000 (£361,000) due to growth in the West Midlands and change of mix in the Southern region.

Housebuilding saw completions up 39% and maintained its strategic led land bank at 20,118 plots. Private ASP in this division rose slightly to £545,000 (£537,000). The firm anticipates continued outlet growth in the remainder of the year as active sites are converted to open …