Pickstock Homes “optimistic” about housing demand despite interest rates remaining higher than expected
Pickstock Homes has reported an increase in profit and turnover.
The housebuilder, which is based in Oswestry, Shropshire, reported turnover of £28.7m for the year to 31 July, up 69% on the £16.9m reported for the previous year.
The group more than doubled its pre-tax profit from £1.05m to £2.5m.
The firm said the increase in turnover was due to it taking a “more positive approach” to starting new developments the previous year as it anticipated an improvement in trading conditions with interest rates falling.
The group’s annual completions rose from 65 to 97 units, although it said inflation took “longer than previously anticipated to return to Bank of England target levels” meaning interest rates reductions are slower than expected impacting mortgage affordability.
However the housebuilder struck a positive note about the future of the market.
It said: “While there remains uncertainty over the economic policies of the new government, we are optimistic that the latent demand for new housing coupled with the ongoing under supply of new homes will continue to under pin the market.”
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