Newcastle property group predicts drop in sales

Apr 8 2009 By Andrew Mernin

BRITAIN'S largest residential landlord Grainger today said it expects to see a 29% drop in retirement and core sales this year, although it has £31m worth of sales in its pipeline compared to £20m at the same time last year.

The Newcastle company said in a trading update that it expects to see completed retirement and core sales drop to around £55m while it is on target to achieve £114m in property sales this year.

The firm said it had prepared for the drop in completed sales which reflect the fall in house prices and the difficult market conditions in the early part of the trading period.

For more on this story see tomorrow's Journal.