UK building group Vistry to focus solely on social housing

Is this a straw in the wind?

The UK building group Vistry focuses solely on social housing in a strategic shift away from building homes for sale, mortgage costs have hit completions. Vistry reported an 8% fall in pre-tax profits to £174m in the first half of the year, despite a 32% increase in completions.

Investors responded positively with shares in Vistry trading up by 14%. Recognising that the UK was facing a “chronic shortage” of affordable houses. “The scale of the social need for affordable mixed-tenure housing across the country continues to increase,” said the Vistry chief executive, Greg Fitzgerald. “Delivering on the acute social need for housing across the country and increasing the availability of affordable, sustainable homes is at the core of the group’s social purpose and vision.”

More in The Guardian

The Financial Times explained the change in direction: "The group’s partnerships division builds affordable homes in partnership with government bodies, local authorities and housing associations, using “mixed tenure” models such as shared ownership. This part of the business is less affected by volatility in the wider property market."

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