McCarthy added that the firm's geographical spread was saving it from a softening housing market.
He said: "There has been considerable comment about the weakening of the central London market but we are not involved in this area and our exposure within the M25 is modest; equivalent to just 4% of sales in the first half."
In his chairman's statement, McCarthy said that the company's build costs were increasing 5%, of which 2% were caused by changed to the Building Regulations.
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