Bovis profits rise 50pc
Ben Thompson, managing director, Legal & General Mortgage Club, said: “It’s encouraging to see house-builders posting strong results. Critics will point to intervention by the Government as the main driver behind these numbers.
“Whatever the driver, the fact remains there is a chronic under supply of housing stock in the UK. The onus is now on house-builders along with government, mortgage lenders and the industry as a whole to meet this challenge.”
Since the start of the year, the housebuilder’s private reservations have risen 43% to 1,712 against the same period last year.
David Ritchie, Bovis’ chief executive, said: “The positive trading position, combined with an increasing proportion of legal completions on new, more profitable sites, will enable the group to increase profits significantly in 2013 in line with its expectations, subject to stable market conditions.”