Resilient Yorkshire housing market gives boost to Strata
PRIVATE HOUSEBUILDER Strata reported record profit despite wider political and economic uncertainty as the housing market remained resilient in Yorkshire.
Strata saw turnover hit £128m in the year ending July 1, 2017. The company said pre-tax profit on residential property sales, before share-based payment charges, took a substantial leap forward from £11.1m to £20m in the same period.
Strata completed 605 homes across 20 sites in the last 12 months with an average selling price of £212,000.
The Yorkshire-based housebuilder said growth was driven by acquiring quality sites across a wider geography throughout Yorkshire and the East Midlands.
Andrew Weaver, chief executive of Strata, said: “Despite wider political and economic uncertainty, we are exceptionally pleased by the resilience of the housing market in Yorkshire and East Midlands.
“As well as improving our operational margin, we have used the favourable conditions to widen our geographical reach, diversified our house type range and fortified our position as a forerunner in design and customer service.
“The year 2016/17 saw the highest demand since the launch of Help to Buy in 2013; this has been coupled with high affordability pass rates and record low cancellation rates.”
The company says it has a strong and sustainable land pipeline. It added that future growth is reinforced by a record forward selling position going into 2017/18.