Record £30m for Countryside

HOME sales are still booming for house builder Countryside Properties in the prosperous London and South-East market. Since the end of September it has sold 255 homes against 240 in the same period last year, at higher prices. Reservations are running 7% ahead and the only worry chairman Alan Cherry appears to have is the shortage of manpower in the region.

'Housebuilder of the Year' Cherry said that although the housing market 'remains fundamentally sound', he is worried about the shortage of skilled labour in London and the South-East and the effect it may have on margins, even though house prices continue to rise.

Last year, the average price of a Countryside home jumped to £249,000 from £227,000. In the year to September the group sold 1,014 homes - an increase of 47% on the same period last time.

Countryside has one of the largest land banks in the South-East with the prospect of building 22,000 new homes. Cherry is still increasing this with 2,000 shortly to be added once contracts are signed.

Pre-tax profits increased 49% to a record £30m. There is an improved total dividend of 6.3p, an increase of 17% over last year. Countryside shares added 7p to 159p.