Vistry Group PLC (LSE:VTY) raised its completion guidance and confirmed a good start to the year helped by its partnership arm in a statement ahead of its AGM.
The housebuilder expects to deliver more than 18,000 (FY23: 16,118) units in 2024, an increase of more than 10% and an upgrade on the previous expectation of 17,500.
Greg Fitzgerald, chief executive, said demand was good in the Partner Funded market with an improving trend in open market sales.
Completions are forecast to rise by 10% with half-year and full-year profits both expected to be ahead of last year.
Forward sales total £4.9bn, up 10% on the same position a year ago.
Sales per site have averaged 0.96 (2023: 0.87) in the year to date, increasing to 1.23 (2023: 1.24) over the last eight-week period.
Prices have been flat with incentives running at 4% of the book price.
"We are well positioned for FY24 with 95% of our targeted completions on secured development opportunities and for FY25, 75% of targeted completions on secured development opportunities," Fitzgerald added.
“Working alongside a range of partners, we are pleased to have secured new land and development opportunities totalling 6,037 mixed tenure new homes across 19 developments in the year to date."
Vistry said it is focused on establishing new partnerships with RPs and Local Authorities, adding pricing across Partner Funded sales has remained resilient in the period.
The group will also benefit from lower year-on-year building material costs, said the statement.