Housing developer hails ‘resilience’ in tough market

Housing developer Lovell says it has shown “resilience” against a softer housing market in the East Midlands after posting a rise in revenue for 2023.

The firm delivered 287 homes in the region with 79% being affordable.

While there was a slowdown in the sale of private homes on mixed-tenure sites, which the firm puts down to the cost-of-living crisis and rising mortgage rates, revenue across Lovell Partnerships was up by 20% in the year to £838m, with an operating profit of £30.5m – down 18% on the previous year.

The secured order book at the year-end was £2.03bn, a 3% improvement on last year’s position.

Lovell is part of the Morgan Sindall Group, which increased revenue by 14% to over £4.1bn last year, while adjusted operating profit before tax was up 6% to £144.6m.

Beth Bundonis, regional managing director for the East Midlands, said: “The future is bright for Lovell in the East Midlands. Looking to the year ahead, we will continue this excellent momentum across the multiple developments currently underway to bring forth hundreds of new homes where they are most needed.

“Our refurbishment service is set to strengthen even further too, helping our partners make the best use of their existing property portfolios through redevelopment and repurposing spaces – all working towards creating more sustainable homes for the benefit of both residents and the environment.”