Bovis Homes said it has seen good demand in the year to date with an average private sales rate per site per week of 0.61 (2018: 0.52), a 17% increase on the prior year.
Greg Fitzgerald, Chief Executive said: “We have seen a strong period of trading including a step up in our sales rate. I am delighted to see the transformation in the way we operate reflected in our high build quality and continued strong improvements in customer satisfaction. We are on track to deliver another controlled and disciplined period end and make further operational and financial progress in this financial year.”
Bovis has opened seven new developments in the year to date and are operating from an average of 87 active sites. It expects to open a further 16 new sites this year, with average active sites for 2019 to be at a similar level to the prior year (2018: 87).
“Our overall improved cost control continues and alongside our margin initiatives, this is offsetting the impact of limited sales price inflation and build cost inflation running at c. 3 to 4%,” the housebuilders said in trading statement. “We continue to have excellent visibility on land with 98% of our land for our 2020 completions secured and 68% secured for 2021 (excluding strategic land contributions). We are seeing good opportunities in the land market that at least meet our minimum hurdle rates.
“At the time of our full year results in February we highlighted the creation of our Partnerships Housing division. As previously announced, the completion in April of our joint venture at Stanton Cross, Wellingborough with Riverside, one of the UK’s leading registered providers of social housing, is a great example of our land led strategy and working in partnership.”
