British homebuilder Vistry's first-half profit plunges 33%

(Reuters) - British homebuilder Vistry reported a 33.2% drop in adjusted pre-tax profit for the first half of 2025 on Wednesday, and said market conditions softened in the second quarter as affordability challenges weighed on demand.

Persistent inflation has delayed interest rate cuts, leaving Britain's housing market under renewed pressure from affordability concerns as buyers grapple with high borrowing costs and strained household budgets.

Vistry, which focuses on affordable housing, has been pursuing bulk selling deals and accelerating discounts to stimulate demand and strengthen cash flow in a tough market.

The company expects initiatives, including a standardised product range across its brands, to improve its open market sales rate in the second half of the year and also reaffirmed its full-year profit growth forecast.

Adjusted pre-tax profit for the six months ended June 30 fell to 80.6 million pounds ($109.1 million) from year-ago 120.7 million pounds.

($1 = 0.7388 pounds)

(Reporting by Raechel Thankam Job in Bengaluru; Editing by Sumana Nandy and Rashmi Aich)