UK’s second-biggest housebuilder sees homes built drop to 15,658 amid Budget uncertainty
A 2025 CGI of a development of 688 new houses in Longbridge by Vistry
The chief executive of the UK’s second-largest housebuilder is stepping down as the firm grapples with declining revenue and output triggered by uncertainty surrounding last year’s November Budget.
Vistry’s boss Greg Fitzgerald announced he will retire in May and attributed the speculation preceding the Budget for weakened performance during the second half of the year.
Pre-tax profit rose marginally – consistent with Vistry’s projections – by two per cent to £269m, whilst revenue dropped by four per cent to £4.2bn for the year ending December 2025.
Fitzgerald stated the company’s financial results were “in line with guidance…despite continued challenges in the Open Market and the uncertainty created by the November Budget.”
The FTSE 250-listed group constructed 15,658 homes last year, representing a nine per cent decline from 2024, as reported by City AM.
The business underperformed expectations during the third and fourth quarters of last year owing to Budget postponements, according to its results.
However, Vistry expressed support for the government’s planning system reforms, which it believes will enable housebuilders to achieve Labour’s objective of constructing 1.5m homes before the next election.
Whilst the company acknowledged market conditions remain “challenging” and geopolitical developments may introduce “uncertainty”, it described itself as “cautiously optimistic” regarding growth this year. Announcing his retirement, Fitzgerald said: “It is an exciting time for Vistry as it focuses on addressing the chronic affordable housing shortage.
“After over 45 years in the sector, it is the right time for me to retire and I am confident that Vistry will go from strength to strength well into the future.”
Discussing the group’s performance last year, he said: “Vistry delivered one in seven of the country’s affordable homes last year, which demonstrates the crucial role the business plays, and will continue to play, in building the homes the UK so desperately needs.”
Vistry’s rival Barratt Redrow, the nation’s largest housebuilder by volume, appointed a new chief executive on Wednesday. The FTSE 100 company announced former infrastructure boss Dean Banks will take the top job, as the housebuilder works to restore investor confidence following last month’s dividend reduction which caused its share price to fall.