Partner Article

Grainger confident despite gloom

BRITAIN’S largest residential landlord Grainger yesterday said it remained bullish about its prospects as the wilting housing market carved out new opportunities to buy real estate at attractive discounts.

Chief Executive Andrew Cunningham said the Newcastle-based firm, which has around £2.8bn of assets under management, was exploiting the tougher market conditions to make well-priced acquisitions and consolidate its growth.

“Our portfolio is continuing to prove to be resilient…, despite price growth in the general housing market slowing in the last few months reflecting the economic uncertainty,” Cunningham said in a statement.

Grainger said it was trading well despite the gloomy market sentiment, with £67.6m of buys in its acquisition pipeline and £154.8m of sales completed, exchanged or in solicitors’ hands.

In the 10-month period to end-July, the company sold 593 vacant units at a sales margin of 42.6%, compared with 625 units at a margin of 35.5% a year earlier.

This was posted in Bdaily's Members' News section by Ruth Mitchell .