Vistry completions down 9% despite post-spending review affordable housing boost

Vistry has reported an overall 9% drop in in its annual completions in 2025 despite a pickup in partnerships activity in the second half of the year following the government’s affordable housing funding announcements in the summer.

The housebuilding giant, in a trading update today, said it completed 15,700 homes in the year to 31 December, down on the 17,225 recorded the previous year.

Around three quarters of Vistry’s completions are ‘partner-funded’ - meaning homes funded by housing associations, local authorities, or build-to-rent investors. Homes funded in this way fell 8% in the year, which Vistry said was due to partners’ funding uncertainty.

However, it said affordable housing volumes increased by 30% in the second half of the year, due to the “increased clarity of future funding” from the government last June. The spending review confirmed a new 10-year, £39bn Social and Affordable Homes Programme and a new inflation-linked rent settlement for social housing providers.

Vistry said its open market sales decreased 11% year-on-year to 4,100, while its private rented sector volumes fell by 25% as partners paused delivery to refinance. Its average sales per site per week fell from 1.07 to 0.96 which it said reflected pre-autumn Budget uncertainty.

The housebuilder said its total adjusted revenue will stay broadly flat at around £4.2bn. Its adjusted profit before tax is expected to rise from £263.5m to £270m in line with expectations.

Greg Fitzgerald, chief executive of Vistry, said: “I am pleased that we delivered on our full year guidance, with a particularly strong second half performance despite continued challenges in the open market.”

Fitzgerald said the group’s strategy of focusing on partnerships will enable it to play a “key role in the delivery of the Social and Affordable Homes Programme”.

Vistry ranked 5th in Building’s latest Top 50 Contractors and Housebuilders list, which ranks firms by turnover.

Vistry is due to publish its 2025 results on 4 March.