Countryside Properties 'encouraged' by sales rate despite dip in selling prices

UK homebuilder Countryside Properties said on Thursday that it performed in line with full-year expectations during the three months ended 30 June, with completions and average selling prices broadly flat year-on-year.

Countryside completed 1,055 homes during the period, just shy of the 1,060 completions made in the same quarter a year earlier, while private average selling prices dipped 0.53% to £374,000 during the third quarter.

Net reservations improved 12% to 1.00 and the FTSE 250 company's total forward order book grew 17% to £1.13bn.

Net debt increased to £128.2m from £91.9m after it secured 3,314 plots in the quarter, including an option for 2,000 plots at Marden in Kent.

Countryside said it had continued to see "strong" customer demand, with a "significant" delivery programme in the fourth quarter and a total of 135 active sites.

Chief executive Ian Sutcliffe said: "We have maintained our growth trajectory, while continuing to improve build quality and customer satisfaction.

"The demand for housing of all tenures remains unfulfilled and we are encouraged by positive sales rate trends despite the ongoing political uncertainty."

At 0915 BST, Countryside shares were down 0.74% to 296.40p.