Bovis Homes claims new focus on building & # 39; quality homes & # 39 ;, which led to a 41% profit increase

Boost: Bovis Homes saw its profit before tax rise by 41 percent to £ 60.2 million in the six months to 30 June

Bovis Homes saw its profit before tax increase by 41 percent to £ 60.2 million in the six months to 30 June, while sales increased 1 percent to £ 432.2 million.

Investors with shares in Bovis receive an interim dividend of 19p per share, an increase of 27 percent compared to a year ago.

The housing group said that the government's initiatives to take initiatives, low mortgage rates and strong customer demand helped stimulate sales.

Boost: Bovis Homes saw its profit before tax rise by 41 percent to £ 60.2 million in the six months to 30 June

Boost: Bovis Homes saw its profit before tax rise by 41 percent to £ 60.2 million in the six months to 30 June

Thirty-six percent of the group's reservations in the first half resulted from Help to Buy schemes, an increase of 34 percent at the same point a year ago.

A series of house builders urges the government to decide whether Help to Buy will continue after 2021, given the stimulus that the schemes have given to their balance sheet.

Last year, Bovis warned against profits and an investigation by The Times in April claimed that the company was misleading buyers and intentionally & # 39; repairs essential repairs to badly built houses.

Almost 3,000 people took part in the Bovis Homes Victims & # 39; Group & # 39; on Facebook and complained about a long list of problems.

At that stage, homeowners said they were leaking, poor drainage, insect pests, unfinished gardens and badly constructed walls.

Bovis said in the latest results that delivering quality homes & # 39; and providing a high level & # 39; to customer service an & # 39; important strategic priority & # 39; is.

The group reported customer satisfaction levels of more than 80 percent, but the cost for & # 39; customer service & # 39; came to £ 3.5 million in the first half.

Bovis completed 1,580 homes in the half-year, only 4 percent, confirming a delay in the building because it focuses on quality.

The average sales price on completion remained stable at £ 334,700.

Bobis boss Greg Fitzgerald said: "We have delivered a strong performance in half, with profit growth of more than 40%.

This reflects the excellent progress that has been made in all business areas over the past 18 months and a step-by-step change in the quality of the homes we build and the level of service we provide to our customers.

We have confidence in the prospects for the company and strive for a record year of profit in 2018, at the top of the management's expectations. & # 39;

The shares in Bovis have increased by 3.27 percent or 37p to 1.168.5p.

In an upward trend: the shares in Bovis rise by 3.27 percent or 37p to 1,168.5p

In an upward trend: the shares in Bovis rise by 3.27 percent or 37p to 1,168.5p

In an upward trend: the shares in Bovis rise by 3.27 percent or 37p to 1,168.5p

On Wednesday, Barratt Developments claimed that it was an excellent # & # 39; year after swinging to a higher profit amid the more difficult times for the housing market.

The group saw its annual profit before tax increase by 9.2 percent to £ 835.5 million, while sales grew 4.8 percent to £ 4.87 billion.

David Thomas, director of Barratt, said: & # 39; As the UK's largest home builder, we help address the housing shortage of the country – creating jobs and supporting economic growth while continuing to lead the industry in quality and customer service. & # 39;

The Help to Buy plan, which gives starters the chance to get on the home ladder with a down payment of just 5 percent, provided Barratt with 36 percent of sales in the past year, against 35 percent a year earlier.

Berkeley Group said in a trade update prior to its annual general meeting on Wednesday that, although it makes billions of profits, the housing market is not urgent and London is limited by high transaction costs, restrictive income, multiple limits on mortgage loans and the prevailing economic uncertainty, accentuated by Brexit. & # 39;

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