Vistry sees FY ahead of guidance on forward sales as loan rates ease

UK house builder Vistry on Friday said 2023 financial performance would be ahead of expectations, driven by strong forward sales.

In a trading update, the builder of affordable homes, said forward sales were up 12.4% year on year at £4.5bn.

It added that the easing of mortgage rates in recent weeks was encouraging and would help stimulate demand in 2024.

Adjusted pre-tax profits were expected to be flat at £418m, but ahead of guidance, in a year when inflation sent borrowing costs soaring, deterring lenders and buyers.

Reporting by Frank Prenesti for Sharecast.com