Latest news with #LindenHomes
Daily Mail
14-05-2025
- Business
- Daily Mail
Home sales rise at Vistry Group on falling rates - but questions raised over social housing focus
Home sales have ticked up at Vistry Group in recent weeks, as expected interest rate cuts led to lower mortgage costs. However, an analyst has raised concerns that a lack of clarity on social housing funding from the Government may harm the firm, which builds many of its homes in partnership with organisations such as housing associations. The housebuilder, formed in 2020 from a merger of Bovis Homes and Linden Homes, said it had sold 0.91 homes per week at each of its developments since the start of 2025, and 1.32 in the last eight weeks. This is up from 0.59 in the period between January and 26 March, when the company was affected by a subdued volume of partner-funded transactions. This is where private sector developers build homes on behalf of other organisations, often social housing to be used by housing associations. Vistry noted partner-funded activity had remained at a 'relatively low level' because of 'investment constraints' while funding for new affordable homes waits to become available. However, the firm said sales to home buyers had improved as mortgage lenders have broadened their product ranges and slashed borrowing costs in anticipation of further expected cuts to the Bank of England base rate. Britain's central bank has reduced interest rates by 0.25 percentage points on four occasions since August 2024 in response to decreasing inflation, with the latest cut occurring last Thursday and taking the base rate to 4.25 per cent. Since then, most major banks have lowered their mortgage rates. Santander has announced the launch of multiple new mortgage deals with sub-4 per cent rates. Meanwhile, Barclays introduced the market's lowest five-year fixed rate deal for homebuyers purchasing with a 40 per cent deposit. Vistry forecasts both open market and partner-funded home volumes for 2025 to be at a 'similar level' to the prior year. Concern over Government housing funding An analyst has raised concerns that unclear government funding plans for social and affordable housing could negatively affect firms like Vistry, who focus on'partner-funded' developments. Anthony Codling, managing director at RBC Capital Markets, said: 'Until the Government announces a significant funding program for social and affordable housing, Vistry may find itself in the wrong place at the wrong time whilst other housebuilders make hay in the warmest spring on record. 'The trading statement is trying to give the impression of "everything is fine and there is nothing to see here." 'But, the statement points to continued weakness in the partner funded model, the market Vistry is focused on, whereas the market it isn't focused on, traditional housing, is doing well. 'Until the Government announce a significant funding program for social and affordable housing, Vistry may find itself in the wrong place at the wrong time whilst other housebuilders make hay in the warmest spring on record.' In late March, Chancellor Rachel Reeves and Deputy Prime Minister Angela Rayner unveiled an additional £2billion of cash towards building up to 18,000 new affordable homes. It said the properties would begin construction by March 2027 and be finished by the end of this Parliament in June 2029. Additional information on how the funding will be allocated is expected following next month's spending review. The government has promised to deliver 1.5 million homes over five years, partly by allowing building on lower-quality' grey belt' land and mandatory housing targets for councils. Vistry Group shares were 0.9 per cent lower at 627.4p on late Wednesday afternoon, meaning their value has approximately halved in the past year.
BBC News
31-01-2025
- BBC News
Police operation targeting boiler thieves in North Yorkshire
Criminal gangs are targeting newbuild estates in North Yorkshire, stealing new boilers from homes which are still being built, according to North Yorkshire force said in one incident in Knaresborough, earlier this month, more than 20 boilers were stolen from a building site, at a cost of around £300, of this type are increasingly being seen across the country, with police in the Yorkshire region citing gangs operating along the A1(M) corridor, making newbuild locations close by particularly believe the presence of several large building sites in Knaresborough, where hundreds of new homes are under development, is also a factor. According to figures from North Yorkshire Police, 68 incidents involving boiler thefts have been recorded since 2023, with almost 70% of those from newbuild sites. The force said each incident might involve several stolen boilers, not just Holly Nicholls, from North Yorkshire Police, said: "In North Yorkshire, particularly in Knaresborough, we're off the A1 corridor - so we see criminals, organised crime groups, travelling from other police areas, and they are really quite professional."They'll ordinarily come and do a recce beforehand, to see which properties they can target. They're trained - so they've probably got some plumbing expertise - [and] they'll have a vehicle so they can get them out really quickly," she added. Housebuilder Linden Homes, who are building hundreds of new homes on the outskirts of Knaresborough, was targeted by boiler thieves last year."April, last year, we had 10 boilers pinched," site manager John McDermott told the BBC. "Patio doors had been smashed through, front doors had been smashed in, and through the night they had taken 10 boilers - causing a lot of damage."It comes at a cost to us because then we have to get plumbers back in, electricians back in... "Some of the kitchens got replaced," he well as the damage caused to the properties, he said, in some cases, the thefts had delayed house sales, and even caused some sales to collapse. Trackers on boilers This week North Yorkshire Police launched 'Operation Thaw' - with increased patrols on the A1, alongside neighbourhood teams marking boilers with codes - using invisible ink, and an initiative to raise awareness in local some sites, builders have also put trackers on new boilers, with signs in property windows warning would-be thieves. Martin Narby, who lives on one of the new estates in Knaresborough which has been previously targeted, was pleased to see police on patrol."We just moved here a year ago - there's a very healthy Facebook group already where people share advice, so anything which expands on that, where we can share intelligence and information, would be really helpful". Listen to highlights from North Yorkshire on BBC Sounds, catch up with the latest episode of Look North or tell us a story you think we should be covering here.
