Bo­vis lifts the gloom in sec­tor with good de­mand for homes

Yorkshire Post - - BUSINESS -

BO­VIS HOMES has cast aside hous­ing mar­ket fears as it re­ported “ro­bust” de­mand for new prop­er­ties and said in­dus­try fun­da­men­tals re­mained strong.

The house­builder said it was on track to meet full-year tar­gets af­ter re­veal­ing it was fully sold for 2017, and saw growth in its sales rate edge higher to 0.52 be­tween July 1 and Novem­ber 10, up from 0.48 dur­ing its first half.

Its av­er­age sell­ing price is set to in­crease by year-end, while “de­mand for new homes con­tin­ues to be ro­bust across all our re­gions and cus­tomer in­ter­est re­mains good”.

The up­date comes af­ter fel­low builder Tay­lor Wim­pey shrugged off in­dus­try con­cerns over a cool­ing prop­erty mar­ket on Mon­day, cheer­ing high de­mand for new hous­ing.

The bullish re­port saw Bo­vis shares rise more than 1 per cent, while it also sparked gains across the house­build­ing sec­tor, with Per­sim­mon, Tay­lor Wim­pey, Bar­ratt De­vel­op­ments and Bell­way mov­ing higher.

Greg Fitzger­ald, chief ex­ec­u­tive of Bo­vis, said: “Trad­ing is in line with ex­pec­ta­tions, the mar­ket re­mains strong, and we are on track to de­liver an­other dis­ci­plined pe­riod end.”

The group said “in­dus­try fun­da­men­tals” were strong thanks to sup­port from Gov­ern­ment hous­ing poli­cies in­clud­ing Help to Buy and a “com­pet­i­tive” mort­gage mar­ket.

The up­beat out­look from Bo­vis and Tay­lor has helped ease wor­ries over the sec­tor af­ter gloomy re­ports last week from ri­vals Per­sim­mon and Redrow.

GREG FITZGER­ALD: ‘We are on track to de­liver an­other dis­ci­plined pe­riod end.’

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