British homebuilder, Vistry (VTYV.L), announced on Monday a significant shift in its operational strategy. The company has decided to channel its entire focus on the affordable homes segment, aligning with the evolving needs of the UK housing market.

Following this announcement, Vistry’s shares experienced a positive surge, soaring by approximately 11% and reaching a more than one-year peak at 893 pence in the early trading hours. Vistry remains committed to its annual pretax profit forecast, which stands at over 450 million stg. The company’s half-year pretax profit is reported at 174 million stg.

Vistry has set an ambitious goal to return 1 billion stg to its shareholders over the forthcoming three years. This strategic decision showcases the company’s confidence in its new direction and its commitment to rewarding shareholders.

The housing landscape in the UK has seen various shifts, and British housebuilders are adapting to these changes. Vistry’s decision to focus on affordable homes is a testament to its adaptability and foresight in meeting market demands.