Mount Anvil boss: Era of ‘mutton dressed as lamb’ flats is over

“Mutton dressed as lamb” flats have had their day as buyers shop for affordable quality, the boss of housebuilder Mount Anvil said on Tuesday as he outlined ambitious growth plans.

Killian Hurley said developers are having to cope with jitters around Brexit and consumers are being more selective.

“Some builders are not getting away with extravagant prices for non-extravagant properties any more, and we welcome that.”

He added: “The days of some developers selling mutton dressed as lamb are definitely gone, and that’s a good thing.”

Mount Anvil said over the past five months it has secured land deals to build 3250 more homes in London over the next three to five years, working on its own or with companies including Peabody and L&Q.

The firm, which has built homes in areas such as Canary Wharf and Vauxhall, saw gross turnover, including from joint-venture projects, drop 15.5% to £251 million in 2016 after completing construction on fewer properties than a year earlier.

Pre-tax profit decreased to £55 million from £66 million, but they maintained a margin of 22%.

Hurley was upbeat about 2017 and said sales in the first five months “have been very good”.

The company expects turnover this year to reach £340 million.