John McCarthy, chairman of housebuilder McCarthy & Stone, expressed relief at the slowdown in the housing market – after announcing a record profit.
McCarthy said: "We were actually relieved at this slowdown, as the strength of the housing market over the preceding 18 months was potentially unstable and destabilising for the future."
McCarthy reported pre-tax profit of £53.5m, an increase of 37%, for the year to August. Earnings per share soared to 34.7p – up 46% from 23.7p. Turnover rose one fifth to £147m.
McCarthy also said that although he believed indications from Scotland and Northern England remained uncertain, the outlook for the housing market as a whole remained sound.
He said: "We anticipate that unit completions in the first six months will be lower than last year although margins should continue to be healthy."
