By Joe Hoppe
M.J. Gleeson said net reservation rates have improved in recent weeks and backed full-year results to meet market expectations, as mortgage rates begin to stabilize.
The house builder said Thursday that net reservation rates for the nine weeks to Nov. 3 increased to 0.47 per site a week–or 0.46 excluding bulk sales–from 0.43 during the prior nine weeks to Sept. 1.
The company said mortgage rates are starting to stabilize and, against a more certain backdrop, it expects buyer interest to pick up in the seasonally strong spring selling season.
Gleason Land has completed the sale of one site since the start of the year ending June 30.
The company said it currently expects results for fiscal 2024 to meet market expectations, though it didn’t provide a specific figure. Sales are expected to rise to around 358.0 million pounds ($444.5 million) from GBP328.3 million, while pretax profit is set to rise to around GBP32.7 million from GBP30.5 million, according to a FactSet consensus.
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