Home sweet home as Lovell ignites Norfolk housing market and parent Morgan Sindall posts record results

The plc posted adjusted pre-tax profit six per cent higher to £144.6 million and saw revenue climb 14 per cent to £4.1 billion. The annual dividend was raised 13 per cent to 114p while the order book hit £8.9bn – up 5 per cent year-on-year.

Housebuilding subsidiary Lovell Partnerships, based at Broadland Business Park in Norwich, also enjoyed a good 2023, showing resilience against a softer housing market in the East Anglia region through its partnership housing model.

Over the last year, 407 mixed-tenure homes were delivered across the region, with 65 per cent for the affordable market, despite a challenging economic climate. The company has also secured a pipeline of 2,013 new homes to be delivered between now and 2027.

While there was a slowdown in the sale of private homes on mixed-tenure sites, due to the cost-of-living crisis and rising mortgage rates, revenue across Lovell Partnerships was up by 20 per cent in the year to £838m, with an operating profit of £30.5m alongside a return on capital employed of 12 per cent.

The secured order book at the year-end was £2.034bn, representing a three per cent improvement on last year’s position and a clear reflection of the strategic growth and partnership model.

Simon Medler, Regional Managing Director at Lovell, said: “This is an exciting year for us with new site launches across the region, including Harleston, Holt, Hunstanton and King’s Lynn.

“We are building 354 homes at Briarswood, Harleston, including 151 affordable homes, and have three show homes and two view homes opening there this spring. Our work will see us continue to develop sustainable and accessible housing across East Anglia to meet increasing demand.”

Lovell’s major partnership with the Borough Council of King’s Lynn and West Norfolk on its Florence Fields project will launch this summer. The development will provide 226 new homes.

2024 will also further strengthen Lovell’s relationship with the Suffolk community as it officially launches Edmundham Developments, a joint venture between Lovell and Suffolk County Council. Works will shortly start on the first 200 homes across the initial developments in West Row, Newmarket and Bacton.