Positive outlook for Countryside Properties as completions and prices rise

The London and South East-focused housebuilder completed 292 homes in the period, 25% more than in H1 2015 and increased the average selling price of its privately sold homes by 47% to £508,000.

In its first trading update since being listed on the London Stock Exchange in February, the company said it is firmly on track to achieve its medium-term target of over 3,600 completions per year.

In its report, Countryside said customer demand was strong, particularly in the price range below £600,000, adding that it has little exposure to the buy-to-let market and so was not affected by tax changes in that area.

Sales and pricing in the company’s partnerships division, which specialises in urban regeneration projects on public land, were supported by the introduction of the London Help to Buy scheme.

Ian Sutcliffe, group chief executive, said: “Trading has been strong, with excellent growth in the first six months of our current financial year. We are delighted with the progress we have made since listing on the London Stock Exchange in February and the support we have received from investors. We remain confident we are on track to make further progress for the full year and to continue to build on our success now as a public company.”