Vistry Group PLC (LSE:VTY)’s chief executive Greg Fitzgerald reckons the big-cap housebuilder is in a prime position to support the Labour government’s ambition “of delivering the biggest boost to affordable housing in a generation”.
His comments came in the FTSE 100-quoted housebuilder’s first-half trading update which showed total completions up 7% year on year to 7,750 units in the period.
Keir Starmer’s victorious Labour Party put the housing crisis front and centre of its manifesto pledges.
The party has a target of building 1.5 million new homes over the next five years.
New chancellor Rachel Reeves also announced on Monday that Labour will reinstate mandatory housebuilding targets scrapped by former prime minister Rishi Sunak.
"We look forward to working with the new Government to address the country's housing crisis and are extremely well placed to support its ambition of delivering the biggest boost to affordable housing in a generation," said Fitzgerald.
Vistry expects to complete over 18,000 units in 2024, up from 16,118 in 2023, with full-year profits projected to surpass last year’s performance.