The housebuilder stated that should market conditions remain stable they would be well-placed to see a return to growth in 2025.
Related topic: Construction
The volume housebuilder has seen operating margins of an average of 25.4% per year since 2019.
The housebuilder said that its multi-tenure partnership model compensated for reduced demand from private buyers
High construction costs are continuing to hit housebuilding productivity, with the cost of materials climbing by an average of 33.2% versus the pre-pandemic landscape.
The number of sites that gained planning permission in 2023 dropped to the lowest level for a 12-month period since The Housing Pipeline Report began in 2006.
An average of 168,930 new homes per year have been delivered across England over the last five years.
Despite experiencing a “strong” last quarter, the volume housebuilder saw a 52% drop in pre-tax profits during 2023.
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