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Countryside reiterates guidance as completions, sales rise

Homebuilder Countryside Properties reiterated medium-term guidance Thursday after reporting higher completions and sales amid strong demand from first-time home buyers.

For the 12 months to 30 September, total competitions came in at 4,295, up 27% from 3,839 the previous year, while its average selling price fell 7% to £402,000.

The company said it continued to see 'strong' demand for its homes, particularly from first time buyers and the private rental sector, but warned of more a 'subdued' tone from discretionary purchasers.

Open sales rose 28% to 60 outlets.

The homebuilder's partnerships division delivered 'strong growth' with total completions up 38% at 3,019 homes from 2,192 homes in 2017, the company said.

Private completions were up 38% to 1,137 homes, private rental sector units were up 12% at 809 and affordable homes were up 66% to 1,073 in the period.

Countryside secured 9,646 new plots in the year, more than three times the number of plots used during the year, the company said.

The company reiterated the medium-term guidance given in June of 10% to 15% growth a year.

'We have enjoyed another year of strong growth, underpinned by our strategy of mixed tenure delivery. Both our Partnerships and Housebuilding divisions have performed very well on all financial measures, exceeding all of the medium-term targets we set out ahead of our IPO three years ago, said Ian Sutcliffe, Group Chief Executive.

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