Bovis Homes today more than doubled profits as house prices soar across its strongholds in the south.
The biggest rise has been seen across the south-east and areas close to London, pushing the overall average up 11% to £210,000 compared with the first half of last year.
Overall price increases have been around 4% ahead of Bovis’s expectations at the end of last year. The average cost of privately sold homes was up even more strongly, rising 20% to £239,000.
The company, which has around three quarters of sales in the south, promised a big rise in dividends as it aims to more than double the number of houses sold over the next few years to between 5000 and 6000 homes.
Pre-tax profits were up 166% to £49.4 million in the first half while Bovis is also pledging a 35p-a-share divi this year, worth around £50 million to investors and nearly treble the 13.5p paid last year.
The firm has seen a more usual summer slowdown this year, but expects the market to pick up in September and is already close to achieving sales targets this year.
