Bovis Homes reassures subcontractors over Brexit fears

Bovis Homes is bullish about future market prospects despite suffering a slight slowdown in sales in the immediate aftermath of the Brexit vote.

The house builder is reassuring subcontractors that it is business as usual across its sites.

Bovis Homes said: “Our production programmes are being maintained to deliver an appropriate level of work in progress going into 2017 and we have reassured our subcontractor base with the positive message that we are continuing with our production across all geographical regions.”

The firm added that it was seeing “reservation rates improving after a short term slow down in July.”

Chief Executive David Ritchie said: “Whilst it is too early to judge the impact of the EU Referendum and the Bank’s monetary policy response on the UK housing market, the underlying market fundamentals for UK housing remain positive. 

“We have been pleased with the resilient level of interest shown by potential home buyers contacting us.  

“Our robust balance sheet, with debt lower than last year, means that we are well positioned to continue to take advantage of prime land opportunities at potentially higher returns.  

“Overall, we remain confident in our strategy to deliver long-term growth in shareholder returns.”

Half year results to June 30 show pre-tax profits rose to £61.7m from £53.8m last time as turnover increased to £412.8m from £350.7m.

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Berkeley snaps up £100m Ealing Filmworks scheme

Berkeley Group-owned developer St George has bought Land Securities’ £100m Ealing Filmworks cinema-led scheme in West London underlining its commitment to upmarket housing in mixed-use developments in the capital.

ealing filmworks
The original Ealing filmwork cinema façade will be retained

The scheme has detailed planning consent for a leisure quarter in the town centre with 75,000 sq ft of retail space anchored by a multi-screen Picturehouse cinema and 161 new homes.

Ealing Council chose Land Securities to develop the site two years ago.

Riccardo Mai, Head of Development Management at Land Securities, said: “Land Securities is proud of the work we have done to facilitate development of the Filmworks project and bring a cinema back to Ealing.

“We are delighted to have now secured an agreement with St George, a company with unquestionable track record of delivering major developments”

Ealing filmworks

The development will transform an under-used and part-derelict site into a new leisure and retail quarter in the heart of Ealing town centre.

Michael Bryn-Jones, Managing Director of St George PLC said: “We are delighted to continue our investment in Ealing with the acquisition of Ealing Filmworks. It will complement the success of Dickens Yard delivering a much wanted cinema, fantastic new shops and restaurants in the heart of Ealing town centre, as well as high quality homes.”

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