Gleeson expects spring improvement after rate cut

MJ Gleeson expects an improvement in home sale in the spring after a rate cut last month.

In an update for the half-year ended 31 December 2025, the housebuilder and land trader said its board expected the group’s results for the full-year to be in line with current market expectations.

Consensus expectations for the group’s full-year 2026 would put completions at 1,958 and pre-tax profit at £24.3m.

The group has a medium-term target to build 3,000 homes per year and in its most recent annual results reported pre-tax profit of £20.5m.

“We are pleased to have delivered a solid performance in a subdued market,” said Graham Prothero, chief executive of MJ Gleeson.

We now expect to see an improvement in new home sales through the Spring selling season on the back of last month’s rate cut, and as uncertainty in the run-up to the Budget continues to subside.

“Meanwhile, we are working hard on operational efficiency and effectiveness to ensure Gleeson Homes is in the best shape possible to capitalise on the significant growth opportunities we see ahead.

“Along with increasing momentum at Gleeson Land, we are confident that the Group is in a strong position to deliver on its strategic objectives.”

Gleeson Homes sold 848 homes during the half-year, around 6% more than in the same period the year previous.

Meanwhile, net reservation rates were up to 0.75 per site per week, from 0.55.

It enters the second half of the current financial year with a forward order book of 978 plots.