McCarthy & Stone has reported “some weakness” in the second-hand homes market.
Britain’s biggest builder of retirement homes says it has seen property reservations drop since the end of June and cancellations rise dramatically.
McCarthy & Stone said that although customer sentiment had improved during August, it was too soon to predict whether the improvement would continue into the autumn.
In a trading statement, the company said: “Whilst it is too early to judge what medium term impact we will see from the EU referendum result, prolonged housing market weakness, particularly in the secondary market, could affect our ability to deliver our targeted 15% volume growth previously indicated for the financial year ending August 31, 2017.”
The City did not react well to the news, with shares in McCarthy & Stone dropping almost 12% on Friday, taking it to the bottom of the FTSE250.
The firm is due to release its full-year results on November 15.
people don’t stop getting old. A blip methinks….
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“…could affect our ability to deliver our targeted 15% volume growth previously indicated…”
That’s what happens when you set unrealistic targets – innit!
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