Grainger sales up by 42%

Residential property investor Grainger has seen sales increase by 42% on the previous year, according to a management statement issued today.

The company said it had completed sales of £83.9m in the four months to the 31 January, compared to £58.9m last year. In total it sold 321 homes in the period, up from 173 last year.

It also said it had spent £8.6m on new sites in the four-month period, compared to £12m for the whole of the 2009 financial year. Nevertheless, it said its development activity continued to focus on planning its various schemes rather than building out.

It added: “Notwithstanding this clear progress, the recovering market could still be affected by wider economic factors such as higher levels of unemployment or a fiscal squeeze and these may produce price volatility for at least the remainder of this year. Consequently, we will continue to focus on those opportunities only where we see the prospect for creating good value over the medium to long term and will remain cautious in our approach to acquisitions.”