Latest numbers for the year to October 31 2023 show pre-tax profits down to £83.2m from £92.2m last time as revenue rose to £864.6m from £778.1m.

Tim Beale, Chief Executive Officer of Keepmoat, said: “I am delighted to report that the 2023 financial year saw Keepmoat deliver another strong financial performance, which is a fantastic achievement against the backdrop of an extremely challenging market.

“Keepmoat has once again proven itself to be a resilient and agile business and unlike many of its peer group, has continued to grow, maintaining volumes, continuing to invest in land and delivering a record number of new homes where others have had to slow production.

“Our unique Partnership Business Model, underpinned by our multi-tenure offering and the attractiveness of our product, has once again proved its value, demonstrating that it allows us to operate successfully and thrive in all market conditions.

“We delivered 4,074 much needed new homes across the UK, more than ever before, with a focus on our core first time buyer customer base, building high quality new homes at prices people can afford, in places they want to live. The average selling price of our homes increased by 3.4% to £211,000 reflecting the continued demand for our high quality, affordable new homes.

“We remain committed to a multi-tenure strategy, working with our partners, including Homes England, local authorities, registered providers and the private rented sector. In the last financial year, the attractiveness of our product, coupled with our strong relationships with our partners, enabled us to secure additional delivery and maintain volumes.

“We have an excellent forward sales position and our strong land pipeline, equivalent to circa six years of delivery, retains flexibility and opportunity for us to deliver on our strategic objectives.

“Looking ahead I am cautiously optimistic, an improved open market sale rate in the early part of 2024 demonstrates that some confidence and stability has returned to the market, underpinned by reduced mortgage rates for some products and some easing to the cost of living and inflationary environment.”