Land Cost Base And Geographic ConcentrationSlower declines in land costs, legacy high-cost land being cycled out, and significant exposure to London and the South East constrain margin recovery relative to peers.
Margin Pressure From Costs And PricingSofter selling prices together with rising build costs are expected to compress margins and weigh on profitability.
Weaker Forward SalesA reduced order book compared with the prior equivalent period points to weaker forward sales and limits near-term revenue visibility.