Housebuilder's family homes policy is paying off
Housebuilder Bovis Homes has said underlying profits more than doubled after it sold more properties at higher average prices than last year. Average selling prices rose 4% to £160,700 as the Kent-based group built more family homes to reduce its exposure to first-time buyers who are struggling to find mortgages. Pre-tax profits rose 147% to £18.5m as profit margins increased after the group reduced building costs. The number of homes sold rose 5% to 1,900, which helped drive a 6% increase in revenues to £298.6m.