The economic downturn and waning consumer confidence have caused fewer homes to be sold by Sheffield developer MJ Gleeson.
The London-listed firm said higher interest rates had affected demand but that it was hopeful about its future, having used the slower market to carry out a restructure that reduced its number of regional management teams. Investors were told Gleeson Homes sold 1,723 properties in its 2023 financial year, down from 2,000 the year b.efore.
Average prices crept up by 11.3% to £186,200 on the back of growing labour and materials costs. And Gleeson reported fewer first time buyers as a proportion of its sales, accounting for about 50%, versus 71% last year. The firm said it expected that level to continue and that its affordable houses could attract more price-conscious buyers.
