Housebuilding group Gleeson is expected to announce that its latest results have exceeded expectations.
The urban regeneration and strategic land specialist, which has its North East homes division in Chester-le-Street, County Durham, has released its interim management statement, covering the period from July 1 to October 31.
Gleeson Homes saw a strong performance during the period with 132 completions (2012 – 60) and 253 reservations (2012 – 150).
With a forward order book currently comprising 275 units, the board expects to record an increase in completions in the year to June 30, 2014, of not less than 25% against the prior year.
The business currently has 33 active sites, compared with 27 in the corresponding period.
Gleeson Homes is in active discussions regarding the acquisition of a further 20 sites which, if purchased, will add 1,980 plots to the regeneration land pipeline, taking the total number of plots to more than 5,860.
A spokesman said: “Around a quarter of completions during the period were achieved on a shared-equity basis, with around 16% using the Government’s Help to Buy initiative, a proportion which is expected to increase moderately as more of our customers choose to take advantage of this popular scheme.”
Gleeson’s strategic land division continued to perform in line with expectations during the period, enhancing its portfolio and progressing sites through the planning system.
There has been a further improvement in the prices that developers are willing to pay for green field residential land in the South of England.
The planning system continues, in some local authority areas, to be characterised by lengthy and unnecessary delays. Nonetheless, Gleeson Strategic Land expects to see a significant increase in total sales to June 30.
With an expected 25% increase in completions in Gleeson Homes overall in the current financial year, the board now believes that the year to June 30, 2014, will significantly exceed current expectations.