The Financial Times story suggested that Grainger had “frozen its housing development in London as it prepares for a slowdown in the market”.
Andrew Scrivener, Development Director of Grainger, made it clear that while the market is difficult, there was no suggestion that they would be halting London development. He said: “We are very much alive, just putting most of our effort into projects that deliver in 3years rather than 12 months – hence our focus on projects like Hammersmith.”
Such long-sighted development is typical of Grainger, with their heritage in assured tenancy housing. In fact, they are more likely to profit from the downturn long term, as they have secured bank financing of £280m, which would allow them to take advantage of distress among housebuilders when prices stabilise.
Read the FT story, which reports accurately on the numbers, even if it found the wrong emphasis in the CEO’s statement.