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The homebuilder revealed a six-month operating profit of £20.5 million, compared with £17.5 million for the same period the year before, and traders welcomed this leap. A mixture of higher selling prices and increased home sales contributed to the rise in profit: the average selling price is up 15%, and sales volumes have been aided by the government’s ‘help to buy’ scheme.
UK chancellor George Osborne’s scheme echoes Margaret Thatcher’s ‘right to buy’ policy, offering assistance to first-time buyers provided they purchase a new home. This is beneficial for companies like Bovis Homes. David Richie, chief executive officer of the homebuilder, has denied that the government scheme is fuelling another property bubble. Mr Richie believes the scheme is increasing confidence in the housing market.
The current share price for Bovis is 786p. German investment house Deutsche Bank has reaffirmed its ‘buy’ rating of the stock, and has maintained its 900p price target.