Housebuilder Mount Anvil sees profits jump as average selling prices top £1m
Luxury flats developer Mount Anvil has seen its average home selling price soar above £1 million, helping revenues to jump.
The builder, which also creates a number of affordable homes, says sales in its private selling division averaged £1.2 million in 2017, up from £877,000.
It benefited from the construction completion, and almost immediate sale, of a number of high-value properties, including penthouse apartments at its Dollar Bay project in Canary Wharf, and riverfront flats at Queen’s Wharf in Hammersmith.
It expects 2018 prices to return to levels seen in previous years.
Turnover rose to £225.5 million from £198 million, and pre-tax profits to £89 million from £73 million. Those figures include work from joint-venture partnerships.
Demand for homes comes despite rivals warning of weaker demand in central London owing to Brexit jitters and higher taxes.
Chief executive Killian Hurley said work will start on 2,843 more new homes by March 2021, of which 36% will be affordable. The firm is committed to working with partners, he added.
