Developer says land prices and margins both increased in the first half of the financial year

Listed residential developer and landlord Grainger said that sale prices for land and properties had risen 6.3% since September last year.

In a trading update, the firm said it had achieved sales of £78.5m for the half-year to March 31, an increase of 42% on the same period last year, and had another £30.8m of sales in the pipeline. The margin of sales achieved was 42%, compared to just 36% last year.

In addition it said it had bought £42.6m of property, compared to just £12m of acquisitions in the whole of the 2009 financial year. It has £300m of funding to make further acquisitions.