Vistry has reported that its completions dropped by 9% in 2025 despite a significant increase in affordable housing activity.
For the year to 31 December, the housebuilder completed 15,700 homes, down from 17,225 the previous year.
Vistry partner-funded completions, funded by local authorities, housing associations and Build-to-Rent investors, fell by 8% during the period, which the housebuilder put down to a lack of certainty around funding from its partners.
Despite this, the Group said that it had seen affordable housing volumes increase by 30% in the latter half of the year, which it says was a result of greater clarity over future funding from the government with the announcement of the new Social and Affordable Homes Programme.
The housebuilder saw its open market sales fall by 11% to 4,100, while private rented sector volumes fell by a quarter due to partners suspending delivery while refinancing. Its average sales per site per week dropped to 0.96 from 1.07.
Vistry anticipates its adjusted pre-tax profit to be in line with expectations, around £270million for the year compared to £263.5million in 2024. It also said that its revenue was broadly flat at £4.2billion.
Greg Fitzgerald, chief executive of Vistry, commented: “I am pleased that we delivered on our full-year guidance, with a particularly strong second half performance despite continued challenges in the open market and the uncertainty related to the November Budget, which delayed the timing of some partner-funded deals. Strong margins enabled us to mitigate top line headwinds and reflects the focus within the business on driving improved site mix and cost management over the last 12 months.”
“Our partnership housing strategy positions us well to play a key role in the delivery of the Social and Affordable Homes Programme (SAHP) 2026-2036. We will be targeting early deployment of allocations for our partners and ourselves to kick start the growth of affordable housing supply and we expect this to contribute to our second half performance in 2026. Encouragingly, we have already completed a first site acquisition for the Group’s joint venture with Homes England.”
“Whilst market conditions remain uncertain in the near term, further benefits of our cost, productivity and mix enhancement initiatives will support the delivery of good year-on-year financial and strategic progress.”
Vistry will publish its full, audited results for 2025 on 4 March.
Source: Show House