7th Jul 2016 06:34
LONDON (Alliance News) - Housebuilder Bovis Homes Group PLC on Thursday said trading in the first half of 2016 was in line with its expectations and it is too early to assess the potential impact of the Brexit vote on the UK's housing market, though the fundamentals remain strong.
In the half-year to the end of June, Bovis sold 1,601 new homes, up from 1,525 in the same period a year earlier, with the average sales price on the sales rising 15% to GBP255,000 from GBP222,000.
The group said its weekly private sales rate in 2016 to date is 0.62, in line with the first half of 2015, and it acquired 1,267 plots of consented land in the half across 11 new sites.
Bovis said the fundamentals of the UK housing market remain strong, with high demand from home buyers, good mortgage availability, strong land supply and cross-party support for the sector underpinning the industry.
At present, Bovis said it is too early to assess the impact the UK's decision to leave the European Union will have on the UK housing market, but it said it will continue to be disciplined in its investment plans in order to keep profit and revenue healthy.
"We are confident that the group's strategy of investing in land, in the south of England, where we can build our high-quality traditional homes provides the ongoing opportunity to attract home buyers who can secure affordable mortgage finance to acquire a new home," the company said in a statement.
By Sam Unsted; [email protected]; @SamUAtAlliance
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