Grainger sales pick up as market improves

12th Aug 2009 07:41

Residential property Grainger sold £169m worth of total property in the ten months to 31 July with contracts exchanged on further sales totalling £28m and other disposals with a value of £39m in solicitors' hands.Grainger says there has been an improvement in market conditions in recent months and this is reflected in the 'volume of recent sales and in the stable prices we have been able to achieve'. In the four month period since its half year it has sold 587 residential units for £73m; compared to 442 units for £55m in the preceding six months prior to that. However, given the ongoing uncertainty in the market, it remain cautious in the outlook for house prices in the short term, it added.At 31 July 2009, group net debt was £1.56bn - a decrease of approximately £100m since March, of which £39m relates to exchange rate movements.