Loading…
MJ Gleeson's AGM update shows a 22% surge in home reservations despite subdued market conditions, with FY2026 guidance holding steady.
This article covers information on MJ Gleeson PLC.
LON:GLEMJ Gleeson’s AGM trading update lands with a clear headline: open market net reservation rates rose 22% to 0.50 per site per week for the eight weeks to 7 November 2025, up from 0.41 a year ago. Including bulk reservations, the rate was 0.92 per site per week versus 0.46. That’s encouraging momentum in a tricky market.
The company is plain about the backdrop: demand “remains subdued, but steady”, with buyer confidence dented by the current economic environment. Planning resourcing at local authorities is still slowing the opening of new sites. Even so, Gleeson is adding outlets, moving land through the system, and guiding that FY2026 should be in line with market expectations.
Reservations are the near-term lifeblood for any housebuilder, and a 22% uplift is a good signal. At 0.50 per site per week on the open market (0.92 including bulk reservations), sales pace is moving in the right direction compared with the same period last year.
Set against that, Gleeson is currently selling on 59 sites, down from 64 at 31 October 2024. Fewer open sales outlets can cap absolute volumes, even if per-site rates improve. Planning bottlenecks are the culprit: resource-constrained local planning is still impeding new site openings.
Since the start of the 2026 financial year, Gleeson Homes has opened six new build sites. Five new sites have commenced sales. For context, the comparable numbers in the four months to 31 October 2024 were six openings and seven commencements. Progress is happening, just a touch slower on commencements year-on-year.
Management’s read-through is cautious: buyers are lacking confidence. That often means longer decision times, a heavier reliance on incentives, and a sales mix that can skew towards value points. The uplift in reservations suggests Gleeson’s affordable positioning is doing some heavy lifting against that headwind.
Related
Polar Capital Technology Trust sees 102% NAV growth in FY2026, beating its benchmark by 47 points thanks to AI and semiconductor exposure.
JoshuaJuly 10, 2026
Last updated
Category
InvestingViews
40 viewsLikes
No ratings yet
Last updated:
Occasional emails on automation, AI and finance. Unsubscribe any time.
The land promotion arm has completed the sale of two small sites since the financial year began. The bigger swing factor is one site that represents approximately 50% of total plots budgeted to be sold this year, which still depends on finalising a technical solution. The RNS doesn’t disclose details of the issue, but the implication is clear: timing here matters.
Even so, Gleeson Land says it’s on track with growth plans and aiming to submit 18 planning applications in the first half of the financial year. That pipeline matters for fee generation and for the broader housing land supply story.
The Board expects results for the year to 30 June 2026 to be in line with current market expectations, while noting the Government’s Autumn Budget on 26 November 2025. In other words, no change to guidance today.
Diary dates are set: a trading update for the six months to 31 December 2025 on 16 January 2026, and results for that period on 11 February 2026.
| Metric | Latest | Prior period |
|---|---|---|
| Open market net reservation rate | 0.50 per site per week | 0.41 per site per week |
| Reservation rate (including bulk) | 0.92 per site per week | 0.46 per site per week |
| Sites currently selling | 59 | 64 (31 October 2024) |
| New build sites opened (FY2026 to date) | 6 | 6 (four months to 31 October 2024) |
| New sites commenced sales (FY2026 to date) | 5 | 7 (four months to 31 October 2024) |
| Gleeson Land site sales (FY2026 to date) | 2 small sites | Not disclosed |
| Planning applications targeted (H1) | 18 | Not disclosed |
Gleeson builds affordable, traditional brick-built homes across the Midlands and North of England, with prices starting from £100,000 for a two-bedroom home. The strategy focuses on ensuring a meaningful proportion of homes are affordable to a couple earning the National Living Wage, and on delivering monthly costs that compare favourably to renting.
The group also leans into its social and environmental credentials through selected UN Sustainable Development Goals. More detail on sustainability is available on the company’s site: https://www.mjgleesonplc.com/sustainability.
Management points investors to the analyst consensus for FY2026 here: https://www.mjgleesonplc.com/investors/analyst-coverage/. Key dates are 16 January 2026 (H1 trading update) and 11 February 2026 (H1 results).
Bottom line: despite a cautious consumer and planning hurdles, Gleeson’s core sales metrics are moving up, guidance is steady, and the land division has clear near-term catalysts. The big swing factor is that one land site – a green light there would materially de-risk FY2026 delivery.
Impax Q3 AUM rises to £23.3bn despite £1.7bn net outflows, driven by market gains and strong investment performance.
JoshuaJuly 10, 2026
MJ Gleeson FY2026 trading update: steady profits, mixed home sales with operational restructuring improving outlook.
JoshuaJuly 10, 2026
No comments yet - start the conversation.