StockMarketWire.com - Property developer Countryside Properties said it had sold fewer houses at lower prices amid 'significant' coronavirus-led disruptions to its business, though said overall annual performance met its expectations.

For the year from 1 October 2019 to 30 September 2020, completions fell to 4,053 homes from 5,733 homes year-on-year and the average selling price fell to £364,000 from £367,000.

The net reservation rate of 0.78 for the full year, down from 0.84 was at the upper end of the company's target range of 0.6 to 0.8, despite an elevated cancellation rate due to customer uncertainty caused by Covid-19 pandemic.

The forward order book was up 17% at £1.4bn and average open sales outlets rose to 63 from 56.

'Our current intention is to reinstate guidance for FY21 with our year end results in December 2020,' the company said.

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