Vistry has seen a pick-up in open market sales activity in the last two months after a slow start to 2025.
In its latest trading update for the year to date, the housebuilder said that it had seen a significant increase in its sales per outlet per week since its last update in March, standing at 0.91 compared to 0.59 for the first three months of the year.
Since March, Vistry’s sales rate averaged 1.32, an increase from 1.17 recorded in the same period in 2024.
The Group’s forward order book totals £4.6billion (2024: £4.9billion) of which £2.1billion (2024: £2.1billion) is for delivery this year, with units secured increasing to 72% of forecast FY25 units.
Vistry’s trading update said: “In the open market, we have seen an improvement in our sales rate over the past eight weeks and we expect this trend to continue. Mortgage availability and affordability is improving, with lenders increasing their product range and borrowing rates reducing ahead of further expected cuts to the Bank of England base rate.”
“We continue to expect FY25 open market volumes to be at a similar level to FY24, with the impact from a reduction in sales outlets as we roll-off our former housebuilding sites offset by an increase in our open market sales rate.”
Despite some positives, Vistry said that in the year to date, partner-funded transaction activity has continued to be at a relatively low level, as expected by the housebuilder. The Group say that this reflects investment constraints amongst some of its registered provider partners ahead of the new affordable homes funding being made available.
Vistry says that the government’s announcement of the additional funding had “provided positive impetus to the sector” and that the Group “has been working closely with a range of partners to identify the best opportunities to secure funding and deliver much-needed affordable homes.”
The statement said: “We continue to expect our Partner Funded volumes for FY25 to be at a similar level to last year, with strong momentum going into FY26.”
The housebuilder also expressed concerns over increasing material and labour costs, which it said it was mitigating where possible “proactive engagement” with its sub-contractors and suppliers.
The update added: “We continue to expect low single digit build cost inflation for FY25.”
In terms of land, Vistry secured 1,672 in the year so far, significantly down on the 6,037 recorded in the same period in 2024. The housebuilder said that it is aiming to reduce the length of its owned land bank in the medium term as part of its continuing move to a partnerships model.
Vistry said that for the year it expects to increase its profit compared to 2024, with a significant weighting towards the second half of the year. In 2024, it reported a pre-tax profit of £104.9million.
