Grainger, Newcastle property giant, collects 98% rents

Grainger CEO Helen Gordon

Newcastle-headquartered Grainger plc, the UK’s largest listed residential landlord, on Wednesday published an update on its trading for the first four months of its financial year to the end of January 2021 for its AGM.

Grainger said rent collection on time remains high at 98% and occupancy on its PRS (private rented sector) portfolio remains at 90% in line with levels at the end of FY20 “with the anticipated recovery delayed due to new lockdown restrictions.”

Grainger CEO Helen Gordon said: “I am pleased to report that Grainger continues to perform well despite the ongoing challenges posed by lockdown restrictions.

“Our mid-market price point, coupled with our market-leading operational platform, are proving invaluable during these testing times, with rent collection at 98%.

“Our regional investment strategy has held us in good stead.

“While we have seen a delay in the anticipated recovery of occupancy in our PRS portfolio, particularly in London, due to the new restrictions imposed since the Christmas period, we are seeing strong levels of new enquiries among prospective PRS customers, albeit with the majority of interest focused on move-in dates in the Spring, pointing to a strong lettings market when restrictions are lifted.

“Our PRS pipeline activity remains broadly on track, and leasing of our scheme in Milton Keynes has gone well, in line with underwriting.

“The for-sale housing market continues to be buoyant.

“Our sales performance of ex-regulated tenancy properties has been notably strong, with high volumes ahead of valuations.”