Member Article

Home builder says Help to Buy boosts demand

House builder Bovis Homes says the Government’s Help to Buy scheme has helped to boost demand for home.

Net private sales per site, per week improved by 26% for the firm who say that improved access to mortgage finance has had positive effect on customers’ confidence.

Bovis expect continued improvement in the market and indicated that improving profit margins on new homes will support this years’ results.

David Ritchie, the chief executive of Bovis Homes Group PLC said: “The Group has performed well in the first half of 2013 with a significant further improvement in housing profit, delivered from the ongoing successful execution of the Group’s growth strategy.

“Trading in the first half of 2013 has been strong and the Group has achieved a 40% increase in private reservations compared to the same period in 2012.

“Continuing its success in the land market, the Group has added 2,767 new consented plots to the land bank. With the positive progress in executing its growth strategy, the Group is well positioned to deliver higher shareholder returns.”

In the last six months, the Group has added over 2,700 plots on 18 sites that are expected to deliver a return on capital in excess of 20%.

This was posted in Bdaily's Members' News section by Tom Keighley .