Inland Homes completions slip on occupation delays at several developments

Brownfield developer and housebuilder Inland Homes warned that full-year completions would be lower this year than they were a year earlier as a result of occupation delays at several large developments.

Inland said it had achieved 81 legal completions of private home sales in the first half of its trading year at an average price of £238,000.

Elsewhere, the AIM-listed outfit, which has more than 1,500 homes under construction at present, has locked in a new £65m four-year revolving credit facility with HSBC to replace its current £20m facility with Barclays.

Inland will now look to use its new facility in conjunction with borrowings from other lenders to bolster its growth plans.

Chief executive Stephen Wicks said: "The more than doubling of our debt facilities, on improved terms, provides a strong platform to fund our housebuilding output and complete our transition."

On a separate note, Wicks acknowledged that the short term uncertainty caused by Brexit "was justifiably causing consumer concerns."

"One can only assume a resolution will be found in the foreseeable future. One thing politicians of all parties do agree on is that the UK has a chronic shortage of new homes that are affordable, and Inland is well placed to benefit from this demand going forward," he added.

As of 1140 GMT, Inland Homes shares had slipped 1.95% to 55.40p.