Vistry has posted a 10% jump in profits to £227.3m in its opening half results as the housebuilder suggested it is confident in delivering the Labour Government’s new housing targets.

The group also saw its total completions rise by 9% to 7,792 units in the six months to the end of June, which it said was driven by good demand across its partner funded markets.

New land development opportunities were also secured in-line with Vistry’s high growth strategy, with a total of 8,225 mixed tenure plots – up from 6,866 in H1 2023 – across 32 developments secured in H1 this year.

Vistry said it is continuing to invest in its “future capability” including land, people, skilled labour and timber frame manufacturing, and also remained confident that it can drive build and cost efficiency across the business.

Chief executive at Vistry, Greg Fitzgerald, said that the group had delivered a strong H1 performance with its partnerships model “significantly outperforming” the traditional housebuilding market.

“The group’s growth strategy and greater delivery of affordable housing is well aligned to the new Government's ambitions to address the country's housing crisis, and uniquely positions Vistry to play a key role in delivering the Government's new housing targets,” Fitzgerald added.

"We have traded well over the summer months, and with positive momentum across the business are on track to deliver more than 18,000 completions in FY24, and a year-on-year increase in profits.”

Equity analyst at Hargreaves Lansdown, Aarin Chiekrie, also commented that Vistry looks to be “bucking the trend” of a housing market slowdown.

“A solid performance in the first half has seen underlying revenue and operating profits rise at double-digit rates, helped by increased sales volumes and lower building material costs,” added Chiekrie.

“Given the size of the order book, standing at a mammoth £5.1bn, the group has great visibility over future revenue. This allows it to lock in most of its material prices well in advance, helping to avoid any nasty surprises on the cost side. Vistry’s huge scale also allows it to negotiate better prices on these materials, ultimately helping profitability.”

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