Vistry posts £661m pre-tax loss and takes £475m write-down as new CEO signals radical downsizing of FTSE 250 housebuilder

Vistry Group, the FTSE 250 housebuilder, reported a £661m pre-tax loss for the six months to June 2026, a sharp reversal from a £41m profit in the same period last year. The result was driven by a £475m write-down of the group's asset values, identified by incoming chief executive Adam Daniels during a strategic review, combined with delays to housebuilding projects and the cost of a building safety tax. Daniels, a former regional manager at Vistry, presented his findings to shareholders on 24 September 2026, setting out plans to drastically reduce output and simplify the group's operations. His predecessor, Greg Fitzgerald, who had been credited with transforming Vistry into what was described as the nation's 'favourite housebuilder', announced his immediate retirement in March 2026, sending shockwaves through the market. Vistry's share price has fallen by nearly 60 per cent so far this year. Fitzgerald had pivoted Vistry toward a partner model, under which most projects were carried out in collaboration with third-party groups such as institutional landlords and local authorities. Daniels has now signalled that this model must be resized, with the group targeting lower leverage (reduced reliance on debt), stronger cash conversion (turning revenue into cash more efficiently), and more sustainable returns. The scale of the write-down raises significant questions about the reliability of the valuations underpinning Vistry's balance sheet under previous management, and the results will intensify scrutiny of the housebuilding sector at a time when the government is pressing for accelerated housing delivery.

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