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24 Jan 2019 | 08:10

Countryside Properties posts in line results on strong demand for affordable homes

UK home builder Countryside Properties said Thursday first-quarter performance met its expectations underpinned by strong demand for affordable homes. For the 3 months to 31 December, total completions were up 28% to 1,094 homes and the total forward order book was up 78% to £946m.

The strong growth in completions was driven by a sharp increase in affordable homes, up 52% to 413 homes, and private rental sector, up 66% to 341 homes, the company said.

Customer interest, however, appeared to wane in Decemebr as the net private reservation rate slowed to 0.63 for the quarter from 0.70 a year earlier.

Private average selling prices were broadly flat at £395,000, with a 1% to 2% underlying increase in prices.

The housebuilding division saw total completions rise 9% to 244 homes, driven by a 30% increase in private completions to 164 homes.

'We have performed well in Q1, in line with our full year expectations, with lower private completions being replaced with strong growth in PRS and affordable,' the company said.

At 8:10am: (LON:CSP) Countryside Properties PLC share price was -3.6p at 323.4p

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