Grainger PLC on Thursday said that it continued to deliver rental growth throughout the remainder of its financial year, backed up by ‘exceptional’ operational performances.

The Newcastle Upon Tyne, England-based residential property developer and landlord posted rental growth of 7.7% for the year ended September 30, from 6.8% at the half-year.

Private rented sector - or PRS - like-for-like rental growth was 8.0% at the full-year, from 6.9% at the half-year stage. PRS portfolio occupancy was 98.6% at the end of September, versus 98.5% at the half-year.

Grainger emphasised that sales remain ‘robust’, with valuations demonstrating continued ‘resilience’ against a strong balance sheet.

‘We are due to complete over 1,600 new build-to-rent homes in 2023, driving a further step change in EPRA earnings and bringing our total operational portfolio to over 10,000 homes,’ said Chief Executive Helen Gordon.

Gordon added: ‘We are delivering these new homes into one of the strongest occupational markets we have seen... However, we remain mindful of protecting our customers’ rental affordability and, therefore, continue to ensure that rental growth across our portfolio moves broadly in line with wage inflation.’

Grainger will announce its full-year results on November 22.

Grainger shares were trading 1.1% higher at 230.00 pence each in London on Thursday morning.

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