Northern housebuilder MJ Gleeson has more than doubled profits £12.2m, driven by strong demand for low-cost family homes.
The urban regeneration and strategic land specialist, which was founded in Sheffield over 100 years ago, reported a 110 per cent increase in profits in the year to June 30.
Chairman Dermot Gleeson said: “Unlike a number of other regions, such as central London, in which a period of high house price inflation is now being followed by some limited downward adjustments in values, the regeneration areas within the North of England in which Gleeson Homes operates have only experienced very modest price rises in the last two years and house prices are expected to remain broadly stable for the foreseeable future.
“Our confidence is reinforced by the fact that mortgage providers take a very favourable view of both the value for money offered by Gleeson Homes’ product range and the financial dependability of our core customer base of hard working, low-income families committed to home ownership.”
Gleeson Homes increased unit sales by 38 per cent to 561 and there was a modest improvement in selling prices. The division has expanded its land bank, taking advantage of low land prices in the North.