Bovis Homes has reported an increase in completed homes for the first half of the year, boosted by what it described as “a steady housing market”.
In a trading update Bovis Homes reported 1262 legal completions for the six months to June 30 2006, a rise of 16% on the same period in 2005. Profits from land sales fell to £6m from £9m across the same period.
The average sale price for the company’s homes increased 5% to £188,700 compared with £179,700 in 2005. The price rise was partly due to a reduced number of social housing completions.
The company said high land prices had made it focus on converting landholdings instead of buying land with outline planning permission.
The group’s operating margin for the half year is expected to be broadly in line with the same period last year. Interim results will be reported on 11 September.