Vistry reports bump in profits as boss retires

He will step down as chair on 13 May, and will continue to serve as CEO for up to 12 months or until a successor is appointed.

Stephen Teagle, chief executive of Vistry’s Countryside Partnerships business, told Inside Housing that throughout a “difficult year”, Vistry was able to “really sustain the delivery of affordable homes” by working with partners, even during the last months of the 2021-26 grant programme.

He said that affordable housing delivery fell by only 2%, compared to drops of 11% and 23% in open market and private rented sector completions.

“I’d expect our affordable delivery to ramp up in 2026 as we work through the additional funding that will come in in the autumn,” Mr Teagle said. 

He said Vistry is “already seeing that uptick” as housing associations have already begun discussions with the house builder about schemes that “will deliver homes early within the new [Social and Affordable Homes Programme]”.

“We’re seeing plenty of evidence now of partners wanting to respond to the delivery covenant from the government following the policy announcements and funding commitments that have been given,” Mr Teagle added.

The firm is in the process of submitting a bid to the Social and Affordable Homes Programme (SAHP), which opened for bidding last month, and hopes to “have a high degree of visibility of Vistry’s grant under the programme by the half year”.

Mr Teagle told Inside Housing that Vistry is bidding for Homes England’s ‘strategic partnership plus’ route, which almost tripled the funding cap from £250m under the last programme to £700m.

“Our ambition means that we think we can really help deliver homes and play an even bigger role as a strategic partner plus,” he said.

Vistry’s results said that the reduction in revenue and completions in 2025 reflected “continued challenges” in the open market and uncertainty surrounding the Autumn Budget, which also “delayed the timing” of some partner-funded deals.

Its partner-funded forward order book decreased by 10% to £3.7bn, which the house builder said reflects “a slowdown in new contracts being agreed” due to the transition from the 2021-26 grant programme to the new 10-year SAHP. 

The group said its key priority for 2026 is “scaling” partner-funded activity as SAHP allocations are confirmed and registered providers “gain clarity on medium-term funding capacity”.

It said: “Our partnership housing strategy positions us well to play a key role in the delivery of the [SAHP], and there is increased clarity on the financial capacity of our partners.

“The additional £2bn of affordable housing funding to bridge between programmes has already provided increased certainty.

“We are targeting early deployment of allocations for both our partners and ourselves to kickstart the growth of affordable housing supply, and we expect this to contribute to our second-half performance in 2026.”

Mr Fitzgerald said the full-year results for 2025 were “in line with guidance”, helped by the “expected strong second-half performance”.

“Vistry delivered one in seven of the country’s affordable homes last year, which demonstrates the crucial role the business plays, and will continue to play, in building the homes the UK so desperately needs,” he said.

On his retirement, Mr Fitzgerald said: “It has been a privilege to work with such dedicated colleagues to transform the business to become the leading provider of affordable, mixed-tenure housing in the country.

“It is an exciting time for Vistry as it focuses on addressing the chronic affordable housing shortage. 

“After over 45 years in the sector, it is the right time for me to retire and I am confident that Vistry will go from strength to strength well into the future.”

His retirement will see the separation of the chair and CEO roles, and Vistry has begun its search for a new CEO.

Rob Woodward, senior independent and non-executive director of Vistry, said: “On behalf of the board I would like to thank Greg for his outstanding contribution to Vistry since 2017 and to the sector over his illustrious career.

“During his time with Vistry, he has played a pivotal role in its strategic transformation by leading the turnaround of Bovis; the acquisition of Linden Homes and the Galliford Try partnerships business to create Vistry; the acquisition of Countryside; and the strategic step to focus on partnerships.

“The company is now well positioned for growth and is set to play a key role in the increased supply of high-quality affordable homes in the UK.”