Bovis Homes builds its way to a record year

BOVIS Homes sold a record number of new houses last year as it became the latest builder to benefit from the booming property market.

The housebuilder said it sold 3,934 newly built homes to buyers in 2015 – the highest number on record and up more than 8pc on the previous year.

Average sales prices increased by 7pc to about £231,000 as the rising market and an increased focus on more expensive homes in the South of England boosted revenues. Chief executive David Ritchie said that he hopes to see the number built and sold rise ‘in a similar fashion’ this year as the industry ramps up construction.

Rivals Taylor Wimpey and Barratt Developments this week reported rising sales and prices.

The industry is under pressure to build more homes as ministers struggle to deal with the housing shortage blighting Britain.

Government schemes to boost mortgage lending and reforms to speed up the planning process and release more land for building have boosted business.

Record low interest rates and rising levels of employment have also bolstered demand.

Shares in Bovis fell 7.5p to 914.5p but are still up around 20pc in the past 12 months, despite a sharp fall since August.

Richard Hunter, head of equities at Hargreaves Lansdown, said: ‘For now, market conditions look set to remain favourable, suggesting the housebuilders’ purple patch could last a while longer.’