Bloor Homes reports drop in pre-tax profit and turnover

Bloor Homes has reported a drop in pre-tax profit and turnover in its latest accounts.

The Derbyshire-based company the largest privately-owned housebuilder in the UK, reported pre-tax profit of £208.2m for the year to 30 June, 2024, down 27% on the £286.8m posted for the previous year. Its turnover fell from £1.35bn to £1.25bn over the same period.

It said the landscape for housebuilders has “been challenging.”

It said: “Market conditions and consumer confidence in the housing industry are reflective of those in the wider UK macroeconomy.

“While 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.”

Bloor said however it has seen an increase in reservations, with a “greater stability of mortgage product availability” and cost since the start of the year.

Bloor completed 4,004 homes in the year, similar to last year’s figure of 4,252. It said it has mitigate the effects of the market conditions by “ensuring investment in land and work in progress is appropriate to the level of sales”.

>>See also: Top 50 Housebuilders 2024

It also said the new Labour government’s housing commitments “give cause for optimism for growth”.

Keir Starmer’s government has pledged to build 1.5m homes over five years and has announced a package of planning reforms aimed at boosting growth.

John Bloor, who owns the housebuilder along with Triumph Motorcycles, is frequently described as the housing sector’s richest person. He ranked 54th in the most recent Sunday Times’ Rich List, with a stated wealth of £3.49bn.