Housebuilder MJ Gleeson has had its group profit and revenue grow a third over the past year as the average cost of a home climbs.
The London-listed firm raked in £55.5m in pre-tax profit and £373.4m in revenue in the 12-months to 30 June, the company reported this morning.
The average selling price grew around 15 per cent – the equivalent of £21,500 – over the course of the year to £167,300.
The figure remains well below the national average. The housebuilder inked 2,000 homes sales in the 12-month period.
“Whilst we are delighted to have delivered 2,000 new homes this year, we know that we are barely making a dent in demand,” CEO James Thomson said.
“First time buyer demand, driven by the shortage of new homes, remains strong. Moreover, the cost of living challenges faced by many home buyers means the affordability of our homes is leading to additional interest from customers who might not previously have considered a Gleeson home.”