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viewVistry Group PLC

Help to buy lifts Bovis Homes

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'Help to Buy' gave Bovis Homes' (LON:BVS) first half a lift but added to concerns that the housing market is starting to overheat.

Broker Numis said the start of the government’s scheme in April clearly showed through in Bovis's first half as volumes rose and house prices climbed.

Interim profits rose by 19% to £18.6mln, while prices on average rose by 15% to £188,500, though the company said this also reflected a shift towards family homes in the south east.

Bovis expects average prices to rise by a tenth over the whole of 2013, adding that it has already sold 90% of the houses it expects to build and is spending heavily adding to its land bank.

Underlying profits rose 50% to £20.4mln, excluding land sale gains, while the interim dividend rises 33% to 4p.

Numis raised its profits forecast for 2013 to £76.6mln from £69.1mln and by £16mln in 2014 to £98.3mln.

Shares rose by 1% to 787p.

Quick facts: Vistry Group PLC

Price: 821 GBX

LSE:VTY
Market: LSE
Market Cap: £1.79 billion
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