Retirement housebuilder Churchill has reported revenue up 75 per cent as lonely lockdowns encouraged people to consider moving into retirement homes.
Revenue hit £160m as 48 per cent more retirement homes were sold, the housebuilder revealed in its full year results for the year to June 30.
The group swung back to profit with an operating profit of £43m compared to a £5.8m loss in 2020, as pandemic restrictions triggered a rebound in consumer confidence.
There had been a strong momentum in sales activity with seven per cent of future sales already secured as of June 30, the group said.
Churchill also launched a new growth plan, setting out plans to achieve 1,000 retirement home sales in 2025.
“During the year we saw a rebound in consumer confidence, with the loneliness of lockdown causing many people to think hard about their living situation and consider the benefits of moving to a safer, lower maintenance home with more support and opportunities to socialise,” Spencer McCarthy, Churchill chairman and chief executive officer said.
A further 30,000 retirement housing dwellings every year for the next 10 years are needed to meet demand but the sector faces an “uphill battle” with planning issues.
Planning reform was needed to unlock the housing supply, the housebuilder said, pointing to protracted Section 106 negotiations and long appeal delays, McCarthy added.
He said: “These obstacles continue to hold back development and make it more difficult to deliver the genuine mix of housing types our country needs.”