Member Article

PRS growth strategy paying off as Grainger reports strong sales figures

Newcastle-based Grainger plc, the UK’s largest listed residential landlord, has reported a strong four months of trading to 31 January 2017.

Enjoying good lettings and sustained rental growth, Grainger announced a 3.4% total like-for-like rental growth year to date, including regulated tenancies and PRS homes.

The business has completed £49m worth of sales so far this year, £2m more than at this time last year. Its total sales pipeline for the financial year sits at £83m.

Helen Gordon, Chief Executive, revealed that the business has made a good start to the year and is making strides in its PRS growth strategy.

She explained: “We have seen positive progress on lettings and rental growth and we are making good progress in developing our secured PRS build to rent schemes, a market where we see strong potential for growth

“We are seeing the benefits of the actions taken to reduce our operational and financial costs. Our sales pipeline is building well and provides good earnings visibility for the full year.

“We continue to be very active on the PRS acquisitions front and are appraising, reviewing and moving forward with a number of exciting opportunities. I look forward to updating on these further as we move through the year.”

The business has also announced some recent board changes with Baroness Ford stepping down from her role. Mark Clare will join the firm as Chairman with Justin Read appointed as a non-executive director

“[Ford’s] contribution to the business over the last nine years has been instrumental in guiding Grainger to its current strong position”, added Helen.

“I would like to welcome to the Board Mark Clare, who will be joining as Chairman, and Justin Read as non-executive director.”