Housebuilder Avant Homes has announced a step-change in growth plans, with a new five-year target to more than double output to 4,000 homes a year by 2023.
The group, with a strong footprint in the Central Belt via its Stirling base, said it was on track to hit record volumes in the current financial year, as it also called on the UK government “to urgently reform the Help to Buy scheme”.
In a trading and strategy update yesterday ahead of its 27 April financial year end, the firm said it was set for another set of record results amid record volumes.
Colin Lewis, Avant’s chief executive, said the business had made exceptional progress in expanding over the past few years due to a focus on “offering aspirational homes in prime locations across the Central Belt of Scotland, the north of England and the English Midlands”.
Meanwhile, Lewis called for government support mechanisms for the sector “to be recalibrated to better support homebuyers and particularly those who have not previously owned a property.
“The Help to Buy scheme is one such area… instead of taking advantage of the Help to Buy scheme to build bigger homes, which simply boost profits and increase bonuses for wealthy managers and shareholders, volume housebuilders will need to gain a social conscience if this intension is to be realised.
“In doing so, they will need to build more attainable homes with lower price points to increase accessibility for first-time buyers”.
The update said the group was fully sold for the current financial year with two months to go, with growing momentum since the New Year. It said its existing growth target of 2,000 homes per year was expected to be achieved by December 2018, one year ahead of schedule.
Avant said it expected expansion to be driven through further development of the range of homes on offer and continued geographic expansion.
“Our strong trading momentum puts us on track to hit our growth targets a year ahead of schedule and, as a result, we are today announcing the next phase of our growth ambitions which are designed to double output to 4,000 homes per annum by 2023,” Lewis said.
He added that this would be done by “scaling up” the company’s five existing operating regions in the UK, and targeting expansion in the “Northern UK”, suggesting likely growth in Scotland as well.