Despite the recession and general lull in the UK housing market, the new homes sector is going from strength to strength, reflected by the high volume of housebuilders posting positive trading results so far this year.
Reporting on its financial year to 31 May 2012, Banner Homes today announced that the number of new homes sold across its residential property schemes increased to 203, from 161 homes in the previous year.
The average selling price of Banner's private homes also increased to £609,000, a 16% uplift on last year's average of £526.000. The rise in property values reflects both an increase in demand from homebuyers for new homes.
Richard Werth, chief executive of Banner Homes Group PLC, comments: "These excellent figures demonstrate our continued commitment to further growth of the business and our strategy to drive further into the upper end of the quality housing market. With a strong land bank, such a high quality product and our £120m bank facility secured earlier this year with three major banks, we entered our new financial year in a strong position."
Banner Homes, which operates across three regional divisions; Central, Southern and Midlands, is currently developing a wide selection of luxury new homes in the Southern Home Counties, Northern Home Counties and some of the wealth hotspots of the West Midlands.