Vistry Faces £30M Loss Amidst Finance Chief Exit

Struggling housebuilder Vistry has announced a potential £30 million loss for the first half of the year, a stark contrast to a £41 million profit recorded last year. This financial warning coincides with the departure of its finance chief, Tim Lawlor, who will step down in October. Vistry attributes the downturn to a wider economic uncertainty and weaker consumer confidence, exacerbated by the conflict in the Middle East. The company anticipates that the market will remain challenging through the second half of 2026 and into early 2027. In response, Vistry has initiated a cost-cutting drive expected to yield £25 million in annual savings. New chief executive Adam Daniels is also refocusing the business on smaller, more affordable homes, reducing land ownership, and slowing construction at some sites. Despite these first-half losses, Vistry maintains its forecast of £200 million in pre-tax profits for the full year, excluding the impact of further review findings due in September. Meanwhile, Unite Group, a major student landlord, is also experiencing difficulties, forced to cut rents to boost demand for student accommodation due to rising university costs dampening student interest.