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Property developer Countryside says trading picks up after Brexit dip
October 12, 2016 / 6:36 AM / a year ago

Property developer Countryside says trading picks up after Brexit dip

Oct 12 (Reuters) - Property developer Countryside Properties Plc said on Wednesday recent robust trading had more than offset an initial jump in cancellation rates after Britain voted to leave the European Union in June.

The company said trading had been generally robust over the summer months, adding to signs the UK housing market is returning to normal after a Brexit dip. Builders, including Persimmon Plc and Barratt Developments Plc, and data having indicated some stabilisation of demand recently.

Countryside, which has a focus on urban regeneration of public sector land for private homes, said total sale completions were up 12 percent to 2,657 units for the year ended Sept. 30.

Its private forward order book was up 64 percent at 225.4 million pounds ($280 million).

“We enter (fiscal) 2017 with strong outlet growth and a record order book which leaves us well positioned to meet market expectations,” it said in a statement.

$1 = 0.8042 pounds Reporting by Esha Vaish in Bengaluru; Editing by Mark Potter

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