Countryside Properties: Increase in Housing Completed in First Half

UK housing builder Countryside Properties overcame political uncertainty, including the tedious process that led Britain to leave the EU, signaling a 43% increase in housing completed for the first half of the year .

The company hinted Wednesday in a trading update that buyer demand was increasing in the second quarter and that it was on track to meet expectations for the entire year.

"Despite the broader political and macroeconomic uncertainty, the demand for blended homes remains strong and we have had a robust spring sales season," said Ian Sutcliffe, General Manager of the group.

The home builder announced Wednesday that Rebecca Worthington, his chief operating officer, would step down, quit his position as a director and leave the company.

The FTSE 250 construction group built 2,362 homes in the six months to March 31, compared with 1,655 in the same period last year. The average selling price of the group's homes over the three months was £ 377,000, compared to £ 392,000.

The company's backlog is approximately £ 1 billion, up 49% from the previous year.

The increase in shipments is due to the growth of the company's partnerships division, which works closely with local authorities and housing badociations to implement major regeneration programs.

Countryside, which was listed on the stock exchange in 2016, started producing modular homes in March and plans to deliver 500 of them by the end of the fiscal year.