Home builder Bovis sees increase in sales

Mon, 17 Aug 2015

Home builder Bovis sees increase in sales
House builder Bovis Homes have seen a record number of sales and high demand, even in the seemingly struggling housing market.

Mainly building in the south of England, Bovis Homes is an FTSE 250 company, and in the six months to June completed 1,525 homes.

Pre-tax profits for the company were up by 9 per cent, to £53.8milliion.

3,768 homes so far have been sold this year, and with 5,000 to 6,000 homes planned to be built each year, the company seems to be on track.

The housing market is a hostile place for first time buyers, but according to the company in its half year report, these market conditions have helped to boost profits and growth.

With supply outstripping demand, house prices are high, but it still means that building firms are going to find buyers for their houses.

The government is heading towards a 200,000 home target to have built per year by the end of this parliament, a goal the Help to Buy Equity Loan and the Mortgage Guarantee were supposed to help achieve.

However, the prices of houses hasn't fallen significantly enough for people who are trapped renting or living with their parents to buy a house for themselves with any ease.

Still, it is good news for home builders as the scheme can make it easier for people to get the mortgage necessary to buy the properties they build.
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