PRS REIT, which invests in new-build family rental homes, has seen a marked slowdown in activity during the final quarter of its financial year.
For eight weeks during the three months to 30 June, the UK’s coronavirus lockdown meant construction work was either suspended or disrupted, and the company completed just 135 new homes during the quarter, down from 330 in the previous three months.
At the end of June, the company’s portfolio of completed homes stood at 2,082 homes, up from 1,173 a year earlier, with an estimated annual rental value of £19.1m, almost doubling year-on-year.
The company also had 2,750 homes under construction at the end of the quarter.
“The pace of construction is now necessarily slower than before the Covid-19 outbreak, owing to the social distancing requirements necessary to maintain a safe working environment,” PRE REIT said.
“However the board is pleased with progress so far, and approximately 450 new homes are expected to be completed during the first quarter of the new financial year.”
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