Shares of Sheffield-based affordable house builder MJ Gleeson plc fell about 5% on Tuesday despite the firm publishing a trading update saying it expects results for the full year to June 30, 2022, to be in line with market expectations.

Gleeson Homes opened eight new build sites during the half year to December 31, 2021, and anticipates opening a total of 25 sites during the full year to June 30, 2022.

The company re-affirmed its target of delivering 2,000 homes in its current financial year.

“Gleeson Homes performed well during the half-year to 31 December 2021 completing the sale of 932 homes, 14.9% more than the pre-Covid half-year to 31 December 2019 of 811 homes and just 2.0% fewer than the 951 homes sold during the half-year to 31 December 2020 (which was flattered by the carry-over of delayed completions from the first Covid lockdown at the end of the previous financial year),” said Gleeson.

“Demand for our low-cost homes remains strong.

“Our customers continue to find the cost of owning a Gleeson home significantly lower than the cost of renting.

“A young couple on the National Living Wage can afford to buy a Gleeson home on any one of the company’s sites.”

Gleeson said land continues to be available at “sensible” prices.

Gleeson Land sold three sites during the half-year “reflecting the continued strong demand for high quality consented land” from medium and large housebuilders.

“Given the continued strong demand for Gleeson Homes and the positive start made by Gleeson Land, the board expects the group’s results for the full year to 30 June 2022 to be in line with market expectations,” said the Sheffield firm.