Bloor Homes sees profit and turnover slide but firm ‘optimistic' over government’s housing policies

Bloor Homes has reported a drop in pre-tax profit and turnover, the firm has said in its latest accounts filed at Companies House.

The Derbyshire-based company, the largest privately-owned housebuilder in the UK and owned by billionaire John Bloor, reported a pre-tax profit of £208m for the year to 30 June, 2024, down 27% on the £287m posted for the previous year. Turnover fell £100m to £1.25bn.

The house builder said the sector had “been challenging” and added: “Market conditions and consumer confidence in the housing industry are reflective of those in the wider UK macroeconomy.

“While reducing since the prior year, the ongoing presence of inflation and the resulting maintenance of the Bank of England base rate at 5% or higher for the year has continued to apply pressure to demand.”

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But the firm said it has seen an increase in reservations, with a “greater stability of mortgage product availability” and cost since the start of its new financial year.

Bloor completed 4,004 homes during the period, down 6% on last year’s figure of 4,252, although it said it had mitigated the effects of the market conditions by “ensuring investment in land and work in progress is appropriate to the level of sales”.

And it praised the new Labour government’s housing commitments – which have seen it pledge to build 1.5 million homes over five years and announce a package of planning reforms – adding the initiatives “give cause for optimism for growth”.

John Bloor, who owns the housebuilder along with Triumph Motorcycles, is frequently described as construction’s richest person. He ranked 54th in last year’s Sunday Times’ Rich List, with a stated wealth of £3.49bn.