MJ Gleeson has wrapped up a busy week of housebuilder updates with a half-year trading statement, in which it sold 848 homes, approximately 6% more than the same period last year.
Shares were 2% higher at the time of writing – one of the better immediate reactions to trading statements from housebuilders this week.
MJ Gleeson reported steady demand for new homes despite subdued buyer confidence linked to economic uncertainty and pre-Budget concerns. Net reservation rates increased to 0.75 per site per week from 0.55 in the prior year period.
The company enters the second half with a strong forward order book of 978 plots, up from 597 at the same point last year, and around 650 sales are expected before the financial year end.
One reason shares performed well in early trade on Friday was the firm’s upbeat market assessment and reaffirmation of forecasts.
Gleeson expects conditions to improve following the December interest rate cut and as Budget concerns fade. The group remains confident in its full-year forecast, with the board expecting results to be in line with current market expectations.
“We are pleased to have delivered a solid performance in a subdued market. We now expect to see an improvement in new home sales through the Spring selling season on the back of last month’s rate cut, and as uncertainty in the run-up to the Budget continues to subside,” said Graham Prothero, CEO of MJ Gleeson.
Gleeson said it is focusing on rebuilding margins through higher selling prices and increased volumes whilst managing build cost inflation and regulatory burdens. The company is currently selling on 53 sites, down from 65 sites last year, with resource-constrained local planning continuing to impede new site openings.
The group’s land division completed three site sales during the period, with strong ongoing demand for prime consented sites. Net debt stood at £22.5 million at the period end.
Full interim results will be announced on 11 February 2026.