Bovis Homes has issued a trading statement ahead of its half year results, which show a record half year volume of 1,601 new homes, a five per cent increase on the same period in 2015. The Group’s average sales price also increased to £255,000, up 15 per cent from the same period last year.
The statement said that sales prices achieved to date have been modestly ahead of target and the level of cost inflation has moderated compared to 2015.
“We will maintain our disciplined approach to investing in land going forward as we continue to assess the impact of the EU referendum on the UK housing market,” the statement said. “We have traded in line with our expectations for the first six months of the year. At this time it is too early to assess the impact of the EU referendum on the UK housing market. We have demonstrated good discipline in carefully managing investment and driving growth in revenue and profit. This discipline will be maintained into the second half year as we target the delivery of sustainable build and sales rates from our sites.
“The housing market fundamentals remain strong with high demand from home buyers, good availability of affordable mortgages, good land supply and cross party political support to build more homes in the UK. Our geographic spread, targeted product range and agile management structure ensures we can be proactive in the market both demonstrating the appropriate degree of restraint in the short term but also well positioned to take further advantage of a fundamentally positive land market at the right time.”