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Sat October 31 2020

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Bovis Homes increases housing completions

9 Nov 10 Bovis Homes expects to boost housing completions by 6% this year, an increase to 1,900 from 1,800 in 2009.

The split is likely to be 1,600 private, 300 public.

The house builder predicts an improvement on its 2009 operating margin of 6.2%, thanks to increasing average prices and reduced construction costs.

Average sales prices are up 3% to £160,000 in 2010, compared to £154,600 last year.

Bovis Homes has added a further 1,381 consented plots to its land bank in the second half of the year, on top of the 1,874 plots acquired during the first six months. Some 92% of these are in the south of England.

In addition, the house builder has agreed terms on a further 2,500 plots.

Bovis Homes said it was optimistic about its performance for 2011, despite tough market conditions, with 250 forward sales already agreed.

In a trading statement, it said: “It is expected that market conditions will remain challenging over the coming months. However, the group is confident, that with an increase in active sales outlets, it can increase its output capacity and sell a greater number of new homes in 2011.

“Whilst there remains uncertainty concerning the near term direction of house prices, the fundamental demand and supply drivers of the housing market remain positive which should support volume and prices in the medium term.” 

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