By Laura McGuire
Housebuilder Vistry said it will cut 200 jobs as part of its shift into being a solely affordable housebuilder.
According to the group, the number of affordable homes built by the group grew to 1,503 in October, up from 1,482 the prior month.
In an update to market, Vistry said that it also continues to see good demand for the Home Stepper shared equity product launched in partnership with Sage Homes in June — with some 270 reservations out of 800 made to date.
However, the number of new private properties built by the group in October was subdued at 1,298, up slightly from 1,295 in the previous month.
The owner of Countryside Partnerships, Bovis and Linden Homes, blamed a slowdown in open market private sales during the summer months due to the higher interest rate and inflationary cost pressures.
But, the company has maintained its expected profit before tax reading of £450m for the full year.
Vistry said: “In September, the group announced its updated strategy to fully focus its operations on its high growth Partnerships model, increasing its delivery of much needed affordable mixed tenure housing across the country.”
“The implementation is making good progress with the revised operating structure and senior appointments confirmed, and the employee consultation process concluded.”
