Country鈥檚 largest privately-owned housebuilder praises Labour鈥檚 commitment to build
Bloor Homes has reported a drop in pre-tax profit and turnover, the firm has said in its latest accounts filed at Companies House.
The Derbyshire-based company, the largest privately-owned housebuilder in the UK and owned by billionaire John Bloor, reported a pre-tax profit of 拢208m for the year to 30 June, 2024, down 27% on the 拢287m posted for the previous year. Turnover fell 拢100m to 拢1.25bn.
The house builder said the sector had 鈥渂een challenging鈥 and added: 鈥淢arket conditions and consumer confidence in the housing industry are reflective of those in the wider UK macroeconomy.
鈥淲hile reducing since the prior year, the ongoing presence of inflation and the resulting maintenance of the Bank of England base rate at 5% or higher for the year has continued to apply pressure to demand.鈥
>>See also: Top 50 Housebuilders 2024
But the firm said it has seen an increase in reservations, with a 鈥済reater stability of mortgage product availability鈥 and cost since the start of its new financial year.
Bloor completed 4,004 homes during the period, down 6% on last year鈥檚 figure of 4,252, although it said it had mitigated the effects of the market conditions by 鈥渆nsuring investment in land and work in progress is appropriate to the level of sales鈥.
And it praised the new Labour government鈥檚 housing commitments 鈥 which have seen it pledge to build 1.5 million homes over five years and announce a package of planning reforms 鈥 adding the initiatives 鈥済ive cause for optimism for growth鈥.
John Bloor, who owns the housebuilder along with Triumph Motorcycles, is frequently described as construction鈥檚 richest person. He ranked 54th in last year鈥檚 Sunday Times鈥 Rich List, with a stated wealth of 拢3.49bn.
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