Bovis Homes sees 6% rise in new homes
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For the six months ended June 30 2010, Bovis completed 803 homes, as compared to 754 homes in the comparable period, an increase of 6%.
The group has provided a trading update covering the six month period ended June 30 2010 ahead of reporting its interim results on Monday August 23 2010.
It says the new homes market remains subdued with ongoing liquidity issues in the first-time buyer market limiting the number of transactions and moderating sales price improvements.
But it says the group has been operating successfully, delivering solid weekly private sales rates and achieving sales prices ahead of the group’s internal expectations.
For private homes, the group achieved an average net sales price of £163,500, as compared to £160,400 in the first six months of 2009, reflecting an improved pricing position generally on a smaller average size of home legally completed.
Overall, including the increased mix of social and partnership homes, the average sales price achieved by the group for the six months ended June 30 2010 was £158,500 compared with £159,700 in the first half of 2009.
The recent launch of the group’s ‘The Perfect 10’ mortgage product in partnership with Barclays will provide Bovis Homes’ customers the ability to secure a 90% LTV mortgage at a fixed interest rate of 4.99% for two years.
The first reservation using ‘The Perfect 10’ product was achieved prior to the end of June. This new mortgage product is only available to Bovis Homes customers and will assist the group to achieve its expected level of new homes sales in the second half of 2010.
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