Aim for home ownership "remains strong" in Gloucestershire
Bovis Homes has become the latest house-builder to report higher profits as the industry continues to grow in confidence.
The developer said 2012 profits would top expectations of £51m to £52m as it built on the success of rivals, including Barratt Developments, Persimmon and Taylor Wimpey.
Bovis Homes' South West region managing director Malcolm Pink, said: "The aspiration for home ownership remains strong in Gloucestershire, as does the need to provide affordable housing for the local authorities' social housing lists.
"We are helping with both of those key challenges in the county with developments at Bishop's Cleeve, Cooper's Edge and Tuffley and work will be starting soon at an exciting new development in Upper Rissington."
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"A strong house-building industry is great news for Gloucestershire because as well as providing much needed homes, the building of new developments benefits thousands of people through the boost it gives the local economy. There's the money that the house-builder puts into the community through section 106 agreements agreed at the planning stage, and the jobs created through the supply chain."
He added the financial help the developer was able to provide buyers was also an incentive for them to look at new homes.
Low deposit initiatives developed with the Government, such as FirstBuy and NewBuy, were set to play "an increasingly important role in getting Gloucestershire's population moving onto or up the housing ladder," he said.
Bovis chief executive David Ritchie put the developer's surge in profits down to a 15 per cent rise in house sales to 2,355, a five per cent rise in the average selling price to £170,700 and a "significant" increase in profit margins from 10 per cent in 2011 to 13.5 per cent in 2012.