Bovis profits lifted by government initiatives Housebuilder Bovis Homes has reported a 19 per cent increase in first-half profits as sales were boosted by UK government schemes to help people get on the housing ladder. The Help to Buy scheme, which offers government loans worth 20 per cent of a property's value to those with a 5 per cent deposit, has contributed to a 43 per cent jump in private reservations this year, Bovis chief executive David Ritchie said. He added: "The group is circa 90 per cent sold for the current financial year. This will allow the group to deliver the required remaining reservations over the next few weeks and to build a significantly enhanced forward order book for 2014. For the six months to 30 June, Bovis posted a pre-tax profit of £18.6 million, up from £15.6m a year earlier, on housing revenues 17 per cent higher at £183.2m. Average selling prices grew 15 per cent to £188,500, "modestly" ahead of the firm's expectations, and the interim dividend - to be paid on 22 November - was hiked by a third to 4p a share. Ritchie said: "With an increasing proportion of legal completions expected from sites acquired since the housing market downturn and with a greater number of active sales outlets, the group expects that, based on stable market conditions, volumes, average sales price and profit margins will continue to increase in 2014."