McCarthy & Stone share price rises as retirement housebuilder remains upbeat despite sales slowing due to General Election jitters

Shruti Tripathi Chopra
Follow Shruti
McCarthy & Stone builds retirement homes across the UK

McCarthy & Stone's shares nudged up nearly two per cent this morning despite the retirement housebuilder revealing its sales have slowed due to the "uncertainty created by the General Election".

In a trading update for the period from 1 March to 4 July, McCarthy & Stone said it remains upbeat about the future.

The FTSE 250 group said its average selling prices have exceeded £280,000 per unit during the period compared to £265,000 in the same period last year.

Since 1 March, the group's total forward order book has increased by £241m compared to £219m last year.

Read more: What election? Persimmon shares have shot up thanks to "excellent" sales

Total forward sales including legal completions to date are now in line with the prior year at £659m.

Clive Fenton, chief executive officer, McCarthy & Stone, said:

The group has made good progress in rebuilding its forward order book despite the lower number of new sales releases this year. The market for high-quality retirement housing remains strong notwithstanding any potential uncertainty as a result of the UK General Election outcome and the underlying housing market continues to be supported by low interest rates, good mortgage availability and low levels of unemployment.

In light of this attractive backdrop and our strong workflow position, we remain confident of our ability to deliver our growth objective of building and selling more than 3,000 units per annum.

At the time of writing, McCarthy & Stone's shares were up 1.22 per cent at 165.4p.

Read more: Is the UK heading for a house price crash? These economists thinks so

Related articles