Retirement builder benefits from higher prices
McCarthy and Stone, the retirement housebuilder, has reported a 19 per cent drop in the number of flats sold in the six months to February 28, 2001. The lower volume was offset, however, by a rise in the average selling price from Â£85,900 to Â£94,000. The largest rise was in the South-East, where prices rose 25 per cent. Turnover fell from Â£65.5m to Â£58.5m and pre-tax profits from Â£20.2m to Â£18.6m. The company was positive about the future. It noted interest rates were falling, that enquiries had shown a ‘marked improvement’, that it had been able to continue undiminished with its land buying programme, and that there was an increasingly favourable demographic profile for its products.