Galliford Try says autumn home sales not as good as 2013

Building group Galliford Try reported better autumn sales than during the summer, but said the performance was worse than last year, reflecting the slowdown in the UK housing market.

Galliford said reserved, contracted or completed sales in its house-building division were £509m against £560m a year ago.

"As expected at this stage, all units required to meet our half year targets have been sold," Galliford said.

The group said its Linden Homes business continued to focus on margin and to achieve prices ahead of group forecasts.

The UK housing market has slowed as buyers balk at high prices, particularly in London, and as regulators have forced lenders to tighten up mortgage loan criteria.

In its construction division, orders were £3.1bn against £1.75bn a year ago and the group said its line-up of potential business was improving.

Executive chairman Greg Fitzgerald said: "Steadily improving confidence in the economy supports the planned disciplined growth in both our house-building and construction divisions.

"Housing market growth rates have steadied to a more sustainable level and, supported by improved mortgage availability, Linden Homes is on target to meet our expectations."

Shares fell 3p or 0.25% to 1213p at 09:18 in London.