Housebuilder Vistry saw house sales drop in 2025 after budget uncertainty led to a “more subdued market”.
Shares in the company dipped in early trading on Wednesday as a result, despite improved profits.
The FTSE 250 company reported that home completions dropped by almost 9% to around 15,700 in the year to December 31, compared with a year earlier.
Total adjusted revenues are also set to have marginally fallen to £4.2 billion from £4.3 billion in 2024, as a decrease in sales volumes was partly offset by higher prices.
Vistry said the average selling price increased by 3% to around £282,000 for the past year.
It said its sales rate slowed in the face of “uncertainty driven by the autumn budget causing a more subdued market” in the third quarter and first half of the fourth quarter of 2025.
It also reported forward sales of around £4 billion at the end of the year, slowing from £4.4 billion in December 2024.
Vistry is set to confirm an adjusted pre-tax profit of around £270 million for the past year, up from £263.5 million.
Chief executive Greg Fitzgerald said: “I am pleased that we delivered on our full-year guidance, with a particularly strong second-half performance despite continued challenges in the open market and the uncertainty related to the November budget, which delayed the timing of some partner-funded deals.
“Strong margins enabled us to mitigate top-line headwinds and reflects the focus within the business on driving improved site mix and cost management over the last 12 months.
“Whilst market conditions remain uncertain in the near term, further benefits of our cost, productivity and mix enhancement initiatives will support the delivery of good year-on-year financial and strategic progress.”
Shares were 7.9% lower in early trading.
