All But One Of Britain’s Biggest Housebuilders Have Seen A Pandemic Decline In Output And Revenues

All But One Of Britain’s Biggest Housebuilders Have Seen A Pandemic Decline In Output And Revenues
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The latest research from Warwick Estates has revealed that just one of Britain’s biggest housebuilders has seen an increase in both revenue and homes delivered to the market during a tough year overshadowed by COVID-19.

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Warwick Estates analysed eight of Britain’s biggest housebuilders based on the latest data available on revenues and how they performed in 2020 when compared to 2019.

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Homes Built

Where the number of homes delivered is concerned, just one managed to go above and beyond their pre-Covid performance in 2020. Vistry Group built 6,131 homes in 2020, 59% more than the previous year.

However, it was Persimmon that delivered the most homes in total at 13,575 although this was 14% less than the previous year. Barrat also delivered 12,604 homes to the market despite seeing a 29% drop compared to 2019, with Bellway seeing a 9% year on year decline despite building 11,921 homes.

Taylor Wimpey endured the biggest decline in the number of homes built during the pandemic. The 9,799 built in 2020 resulted in a 39% year on year drop when compared to their pre-pandemic performance.


Vistry Group’s positive pandemic performance means the housebuilder enjoyed a 79% uplift in revenues in 2020 - the only housebuilder to see positive movement.

Unfortunately for Redrow, the housebuilder saw a 37% drop in revenues, the biggest drop of the lot as a result of the pandemic.

A Problematic Pandemic For The Biggest Housebuilders

COO of Warwick Estates, Bethan Griffiths, commented:

“Despite the residential property market rebounding at an alarming rate since the launch of the stamp duty holiday, the pandemic has been problematic for the nation’s housebuilders, to say the least.

As a result of ongoing and ever-changing restrictions, the vast majority have seen a decline in the number of homes built and the knock-on effect this has had on revenues.

However, now that we are working our way back to some form of total normality, we expect these vital cogs of the property market to dust themselves down, roll up their sleeves and bounce back.”

Developer Total homes built (2019) Total homes built (2020) Annual change (%) Annual revenue £m (2019) Annual revenue £m (2020) Annual change (%) Sources
Vistry Group 3,867 6,131 59% £1,137 £2,040 79% Link
Persimmon 15,855 13,575 -14% £3,650 £3,330 -9% Link
Barratt 17,856 12,604 -29% £4,763 £3,419 -28% Link
Countryside 5,733 4,053 -29% £1,423 £989 -31% Link
Bellway 13,113 11,921 -9% £3,213 £2,225 -31% Link
Berkeley 3,698 2,723 -26% £2,957 £1,920 -35% Link
Taylor Wimpey 16,042 9,799 -39% £4,341 £2,790 -36% Link
Redrow 6,443 4,032 -37% £2,112 £1,339 -37% Link

  • Warwick Estates was founded in 2007, and acquired by Aldridge in 2017 with the ambition to grow and strengthen the business.
  • The goal of growth is one that unites the Aldridge family today across the diverse range of commercial and philanthropic activities in which it operates.
  • Over 40,000 properties are managed for freeholders, asset funds, housebuilders and housing associations - a combined value of over £9bn.
  • Annual revenues exceed £10million
  • Warwick Estates is run by a newly strengthened management team of industry heavy-weights with decades of combined industry experience - chaired by Adrian Ringrose, former CEO of Interserve
  • Current head-count is 186 staff at seven office locations throughout England
Jacob Wolinsky is the founder of, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at) - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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