Bovis warns despite profit surge
12 April 2012
BOVIS Homes is the latest housebuilder to suggest the overheated market is finally slowing down. Although it admitted a 21% increase in the average selling price of its new homes in the first half of the year, chief executive Malcolm Harris said a more subdued picture was emerging beneath the headline-grabbing rises.
He said much of the higher price tag, now £169,300, was due to building bigger homes.
A 24% increase in the number of houses built in the six months to 30 June, together with the price rises helped pre-tax profits grow by 45% to £41.5m on sales of £201m, up 38%. The interim dividend is up 9.5% at 4.6p.
