Housebuilder Hill builds up profits to £47.2m

Housebuilder Hill on Thursday cheered profits growth and revealed it has committed to a £70 million development in Harrow.

The Waltham-Abbey headquartered builder said it has extended a joint venture partnership with Origin Housing in Harrow, and will deliver a further 204 homes there.

Hill revealed the deal as it reported a 13% turnover hike in 2017 to £416 million. It was partly boosted by scores of Londoners using Help to Buy.

Pretax profits rose 27% to £47.2 million.

The firm, which was founded in 1999, last year created over 450 homes in London, some of which were through joint ventures in areas such as Hackney Wick.

Across the UK in 2017 it completed around 1500 homes, and by 2020 it wants to build 2500 per year, of which nearly half will be in or just outside the capital.

Deputy chief executive Greg Hill said that government claims earlier this year that the industry is land-banking, sitting on plots unnecessarily, is inaccurate: “It is not in our interest.”