Impact Analysis of Vistry Group's Acquisition of 366 Residential Plots in Swindon

Based on the collected data and information, I will provide you with a comprehensive analysis of the impact of this transaction on Vistry Group’s land reserve scale and future residential delivery capacity.

According to the official announcement of Henry Boot[1], Hallam Land Management, a subsidiary of the Group, officially completed the sale of 366 residential plots in Swindon to Vistry Group on December 23, 2025. This transaction was carried out in phases – the first phase (393 plots) was completed in July 2024[2]. This transaction brought Hallam Land an unlevered internal rate of return (IRR) of 9.2%[1], and helped it exceed its 2025 annual sales target, with a total of 3,957 plots sold throughout the year[2].

The plot is part of the large-scale development project in South Marston, Swindon, covering a total area of 320 acres, with planning permission for 2,380 residential units, as well as retail, leisure, commercial space, educational facilities, community/sports facilities and green infrastructure[1]. Hallam Land retains 304 plots in this project for future sales[2].

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As of June 30, 2025, the total land reserve structure of Vistry Group is as follows[3][4]:

Land Type	Number of Plots	Number of Residential Units
Owned	49,591	49,591
Controlled	21,097	21,097
Strategic Land	186 plots	76,919
Total (including joint venture interests)	-	~75,000+

Vistry Group continued to actively manage its overall land reserve portfolio in 2025, while selectively seizing new development opportunities. As of November 2025, the Group has acquired 6,616 plots across 25 sites[5].

The acquisition of 366 plots in Swindon will have the following impacts:

• Direct Increment Contribution
  : Based on Vistry Group’s acquisition pace in 2025 (approximately 600-700 plots per month on average), this acquisition accounts for about 5.5% of its annual acquisition plan, providing the Group with a significant large-scale supplement to land reserves.
• Strategic Layout Significance
  : The Swindon project is a large-scale multi-phase development (with over 1,000 plots), which fully aligns with Vistry Group’s strategy of “focusing on large-scale, multi-phase projects”[3]. The Group currently has 21 projects with over 1,000 plots, totaling 35,527 plots[3], and the Swindon project will strengthen its leading position in this scale segment.
• Advantage of Planning Certainty
  : The plot obtained outline planning permission in August 2021[2], belonging to the “planned” category of strategic land (data as of June 2025: 19 sites with 6,281 plots have obtained planning approval[3]), which can be quickly transferred to the development stage.

Vistry Group’s land reserve structure features high quality:

Indicator	Data	Evaluation
Planning Status	60,052 units (78%) are in the process of planning application	Strong future conversion potential
Mid-term Target	Strategic land contributes approximately 20% of completed units	High conversion rate of strategic reserves
FY25 Plan	Approximately 2,500 units to be transferred from strategic land to owned reserves	Smooth conversion channel
Near-term Planning	15,000+ units in advanced planning stage	Sufficient short-term supply

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Indicator	H1 2025	H1 2024	YoY Change
Total Deliveries	6,889 units	7,792 units	-12%
Partner-funded	5,055 units (73%)	5,859 units	-14%
Open Market	1,834 units (27%)	1,933 units	-4%
Forward Sales Orders	£4.25 billion	£4.44 billion	-4%

The decline in H1 2025 deliveries mainly reflects the temporary slowdown in partner demand due to market conditions[6], but the Group has built a strong transaction pipeline and expects accelerated delivery in the second half of the year.

Vistry Group’s timber frame manufacturing capacity is in a period of rapid expansion[7]:

• H1 2025 output: 1,650 units (a year-on-year increase of approximately 20%)
• FY2025 target: 4,500 units
• Maximum capacity: 10,000 units/year across three factories

The acquisition of the Swindon plot provides a matching project carrier for Vistry Works’ capacity expansion, ensuring that manufacturing capacity can be effectively converted into actual deliveries.

As a large-scale multi-phase development project, the Swindon plot will generate significant economies of scale:

• Procurement Bargaining Power
  : Large-scale centralized procurement can reduce unit construction costs
• Fixed Cost Amortization
  : Costs of infrastructure investment, community facility construction can be allocated across more units
• Operational Efficiency Improvement
  : Marginal costs of on-site management teams and supply chain logistics decrease

Vistry Group received a £50 million grant from Homes England in September 2025[5] to support the delivery of affordable housing projects in 2025. As a large-scale integrated community development, the Swindon project includes affordable housing elements and can form synergies with government support programs.

Indicator	Value	Description
Total Forward Sales Orders	£4.25 billion	As of the end of H1 2025
To Be Released in H2 2025	£1.56 billion	Delivery basis for the second half
FY2026 Forecast	£1.39 billion	Sustained delivery momentum
FY2027 and Beyond	£860 million	Long-term project reserves

The Swindon project will directly contribute to the “FY2027 and Beyond” category of the above forward orders, enhancing the Group’s delivery visibility for the next several years.

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Swindon is located in southwest England, a key development area under the government’s “Network Towns” strategy, with good transport links (approximately 90 minutes from London) and growth potential. This acquisition strengthens Vistry Group’s land reserve layout in high-demand regions of southern England.

Vistry Group’s land supply strategy features diversification:

Source Channel	Scale/Proportion	Advantages
Strategic Land Reserves	76,919 units	Long-term planning certainty, cost controllability
Current Acquisitions	Annual 12,000+ units	Flexibility, rapid response
Partnership Model	Approximately 27,000 units from joint venture interests	Capital sharing, risk sharing

The Swindon project reflects the combined strategy of “strategic land acquisition + rapid conversion” – Hallam Land secured the site option 20 years ago and promoted the planning process[2], while Vistry Group quickly supplements its reserves by acquiring mature plots.

The Hestia joint venture, newly established by Vistry Group and Homes England (backed by £150 million in capital), focuses on the development of large-scale strategic plots with 400-3,000 units[7]. The scale (759 plots in two combined phases) and nature (multi-phase integrated community development) of the Swindon project highly align with Hestia’s investment criteria, providing a model for in-depth cooperation in the future.

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• Demand Fluctuation
  : The open market sales rate in H1 2025 decreased by 12% year-on-year[6], and the pace of demand recovery needs to be monitored
• Price Pressure
  : The 3.7% year-on-year increase in open market ASP (average selling price) in H1 2025 is mainly driven by product mix, with no substantive price improvement[5]

• Planning Conversion Risk
  : Although the Swindon project has obtained planning permission, the actual progress of large-scale development is still affected by the execution capability of the local council
• Supply Chain Risk
  : The Group only delivered 37% of the 4,500-unit timber frame target capacity in H1 2025, and the progress of capacity ramp-up needs to be monitored[7]

Henry Boot’s announcement states that Hallam Land retains 304 plots for future sales[2], so Vistry Group may face competitive pressure for subsequent plot acquisitions.

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Vistry Group’s acquisition of 366 residential plots in Swindon has a

impact on its land reserve scale and future residential delivery capacity:

Impact Dimension	Assessment	Description
Land Reserve Scale	Neutral to Positive	Accounts for 5-6% of the Group’s annual acquisition plan, providing high-quality land with planning certainty
Delivery Capacity	Positive	Provides project carriers for delivery in the next 2-4 years, matching the capacity expansion plan
Strategic Synergy	Significant	Aligns with the large-scale multi-phase project strategy, and synergizes with government affordable housing programs
Financial Impact	Limited	The single transaction has a limited impact on the overall scale, but reflects the Group’s land acquisition capability

: This acquisition is a regular measure for Vistry Group to continuously optimize its land reserves, and does not constitute a strategic paradigm shift. However, it plays a consolidating role in enhancing the Group’s market position in southwest England and long-term delivery capacity. Investors are advised to pay attention to the Group’s 2026 strategic land conversion progress and the project implementation of the Hestia joint venture.

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[1] Investing.com - “Henry Boot sells 366 residential plots to Vistry in Swindon” (https://uk.investing.com/news/company-news/henry-boot-sells-366-residential-plots-to-vistry-in-swindon-93CH-4441320)

[2] Henry Boot Annual Report 2024 (https://www.henryboot.co.uk/media/fv0nuosu/32326-henry-boot-ar2024-web.pdf)

[3] Vistry Group H1 2025 Results Announcement (https://markets.ft.com/data/announce/detail?dockey=1323-17223399-6PKJIRR322FUIJF3U7F0JDSQ5J)

[4] Vistry Group Half Year Results Presentation H1 2025 (https://www.vistry.co.uk/~/media/Files/V/vistry-group-v1/results-and-presentations/2025/vistry-group-half-year-results-presentation-2025.pdf)

[5] Vistry Group Trading Update November 2025 (https://www.vistry.co.uk/media/press-releases/2025/trading-update-nov-2025)

[6] Vistry Group H1 2025 Results Press Release (https://www.vistry.co.uk/media/press-releases/2025/half-year-results-2025)

[7] Yahoo Finance - Vistry Group H1 FY2025 Earnings Call Transcript (https://finance.yahoo.com/quote/BVHMF/earnings/BVHMF-H1-2025-earnings_call-333990.html)