New PRS deal boosts McStone

Revenue at McCarthy & Stone increased by 4% to £660 million in the year ending August 31 2017 as the firm continued to see trading improve despite uncertainty in the secondary market following the Brexit vote and general election.

Total legal completions matched last year at 2,302 (2016: 2,296), with average selling price up 3% to around £273,000. 52 new sales outlets opened during the year compared to 64 in 2016.

However the firm said that the year-end forward order book is 21% up on last year and that workflow is “on track to support growth strategy” and deliver around 80 new sales releases in 2018.

The firm says it has developed a strategic relationship with Places for People to access the growing rental market. “This has the potential to improve capital turn and enable land investment in new, previously untapped locations.” The relationship resulted in the sale of 126 apartments across 27 sites to be held in a specialist retirement PRS Fund being managed by Places for People’s fund management business PfP Capital. “The apartments will be offered for private open market rent,” said the firm. An update on this deal will be provided in November.

McCarthy …