Housebuilder Bovis puts aside extra money to deal with faulty homes

Thu, 06 Jul 2017

Housebuilder Bovis puts aside extra money to deal with faulty homes
Bovis Homes has set aside an extra £3.5m for rectifying issues with the build quality of its new homes, bringing the total amount spent on remedial work up to £10.5m.

Many customers have complained that the homes they were sold had not been finished, reporting electrical faults, prominent nails and issues with the plumbing in their new properties.

The company has admitted that it received many complaints over houses which were sold unfinished in order to meet sales targets, and has already set aside £7m to deal with these faults.

Bovis announced in February that it would be slowing down its construction programme so that it could correct mistakes, which would affect its completion and sales rates.

In a statement, the housebuilder said: "This further provision will ensure we are fully resourced to complete the works identified as swiftly as possible whilst at the same time delivering the appropriate high level of service to our new customers.

"We are confident that all legacy issues are now identified and that where possible these issues will be fully dealt with, and the related costs incurred during this financial year."

Greg Fitzgerald came out of retirement earlier this year to be the chief executive and lead a strategic review of Bovis' business, replacing previous chief executive David Ritchie, who departed due to the complaints earlier this year.

"The trading performance in the first half of our financial year is in line with management expectations," Mr Fitzgerald said.

"In the past 11 weeks I have spent a good amount of time with each of our operating regions, visited 85 sites and met the vast majority of our people.

"We continue to identify and implement operational improvements and I am very confident we can deliver a successful turnaround, returning Bovis Homes to being a leading UK housebuilder."

In the first six months of 2017, Bovis completed 1,512 new homes, with the average selling price rising 9 per cent compared to one year ago, now sitting at £277,000.
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