Countryside Properties on track for FY

Countryside Properties said it is on track to deliver expectations for the current year, and believes it is well positioned for medium-term growth.

It said that completions rose 29% to 583 units in the third quarter, with average selling price up 7% to £348,000. Its total land bank rose 4% to 27,115 plots.

"Demand for our product remains good, with visitor levels and gross reservation rates consistent with those reported at our half year results and the prior year," the company said.

Countryside observed an immediate rise in cancellation rates as a result of the non-binding UK referendum to quit the European Union (EU), these had now bounced back to more normal levels.

Cancelled product has been reselling well since, often at higher prices," it noted.

"While it remains too early to tell what the longer term impact of the EU Referendum on consumers may be, demand for housing remains strong with good mortgage availability, affordability and continued political support for the sector."