During the second half of the year, Gleeson sold 829 homes compared with 1,068 in the same period in 2022, reflecting a downturn in the wider economy and the immediate impact of higher interest rates.
In its latest trading update, Gleeson Homes says that selling prices proved 鈥渞esilient鈥� mainly because of a shortage of supply and this helped to offset increase materials and labour costs.
The average selling prices of a Gleeson home last year was 拢186,200, up from 拢167,300 last year.
Gleeson reports a significant shift in buyer demographics in the second half of the year with first-time buyers accounting for around 50% of open-market reservations (FY2022: 71%) while more than 20% of sales were to purchasers over 55 years old (FY2022: 10%).聽
During the course of the year, Gleeson Homes restructured the business from nine regional management teams to six and moved to a standardised operating structure. The process resulted in annualised administrative overhead cost savings of 拢3.2m, at a one-off cost of 拢1.0m. 聽
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