Cracks in Vistry’s foundations

Last week housebuilder Vistry, the biggest developer in Britain, admitted it would need “a big second half” of the year to meet its annual revenue and profit targets, says Tom Howard in The Times. Vistry’s completions, profits, sales rates, site numbers, order book and land purchases in the opening six months of 2025 were all down year on year. This complicates chairman Greg Fitzgerald’s attempts to “steady the ship” after several profit warnings last year. They were caused by underestimating by...