AVANT HOMES LAUNCHES NEW STRATEGIC INITIATIVES TO FURTHER ACCELERATE GROWTH

The initiatives incorporate a new range of house types, new design specifications and plans to open a new operating region to increase its geographic footprint in the north of the UK.

The Group today launches an exciting expansion to its product range, with the roll-out of nine new house types, which range from 630 sq ft two-bedroom homes up to 1,140 sq ft four-bedroom homes. The broadening of the Avant range of innovative homes will significantly expand Avant’s potential customer base by offering a wider selection of size and price options to prospective buyers.

Supporting this expansion Avant are delighted to announce today that they have launched a trend-setting new specification for its full range of homes. Each of Avant’s new homes will now benefit from a brand new, cutting edge 2017 design specification; an initiative that has been rolled out in 71 show homes across all the Group’s sites over the past two weeks.

Today’s news follows a string of recent announcements underlining the acceleration of the Group’s growth strategy. In July, Avant secured an enhanced £200m banking facility to significantly increase its new land acquisitions in north east England, Yorkshire, the Midlands and the central belt of Scotland. This closely followed the Group’s announcement of record results in the twelve months to 30 April 2017 where significant improvement in performance was underpinned by an increase in total completions to 1,636 homes, up 35 per cent year-on-year.

Since then, the Group has delivered a strong forward sales position for its 2018 financial year, with 1,220 home sales and £292m of revenue already secured only four months into the year. This reflects continued positive customer demand, with the Group enjoying a strong sales rate of 0.75 sales per site per week during the traditionally quiet summer period.

This strong trading momentum has further contributed to the accelerated growth of Avant’s four existing regions, in line with management intentions. In the near future, Avant’s existing regions will reach optimal scale and the Group today confirms that it will open a fifth operating region to extend its geographic footprint in the north of England and Scotland, using its knowledge of existing markets to leverage this significant expansion opportunity.

Colin Lewis, chief executive of Avant Homes, said: “The exciting extension to our product range we have launched today speaks to our growth ambitions and ongoing mission to make our aspirational product available to more customers in our core northern UK markets. I was inspired by the Housing Market Intelligence Conference in 2015 which highlighted the market need for more attainable homes. We have been developing this extension to our product range across the last two years with the key aim of offering a compelling mixture of leading edge design and high specification at a price point which would make an Avant home available to more people. While average property sales volumes are continuing their recovery in Avant’s regions, these are still c.40% below their 2007 highs.

“Our exciting new 2017 design specification reflects the latest retail trends, giving our customers the home they want, not the product housebuilders say they should have. The overwhelming customer response we have received gives us confidence that the roll out of this specification across all our sites will support the continued ramp up of our growth plans.

“After an outstanding performance last year, we are delighted to have continued this strong trading over the past four months. Building on this momentum, we look ahead with confidence and will continue to scale up our four operating regions and open a fifth region to further our expansion in due course.”