Low cost housebuilder MJ Gleeson has suggested there could be a turning point in the market following this week's Autumn Statement.
The Sheffield-based developer and land promoter said that while it was too early to call a recovery, it was encouraged by the Chancellor's package and expected it to result in returned consumer confidence. In a trading update to the London Stock Exchange Gleeson laid bare the disastrous impact of September's mini budget on the housebuilding industry, saying that in the last six weeks its cancellation rate had reached 41% and net reservations down.
But the historic firm said it now expected to see an improved outlook for interest rates and better mortgage availability for potential customers. Despite the recent challenges, in September, Gleeson reported record revenue and profits for the year to the end of June 2022.
