Beal Home records £31.2m turnover after year of “excellent market growth”

Beal Homes, the East Yorkshire-based housebuilder, has recorded an increase in turnover and profits in a year of “excellent market growth”.

Beal Securities Ltd, the holding company for the housebuilder, recorded turnover of £31.2m in the year to December 31st 2015, which an increase of almost 30% on 2014, and generated a pre-tax profit of £3.2m, 63% up on the previous year.

Beal also completed on 161 properties in 2015, an increase of 22 (almost 16%) on the previous year.

Richard Beal, the chairman and managing director, said: “We are pleased to report an outstanding trading year in which we continued to grow the Beal brand across East Yorkshire and Lincolnshire.

“We have experienced excellent market growth as demand continues to exceed supply for high-quality new homes.

“Our passion for quality and our unique approach which puts our customers at the heart of the design process has also paid dividends. House-hunters frequently choose to buy from us rather than our competitors because of what we call the ‘Beal Experience’.”

Mr Beal said performance had remained strong in the current year, with 36 properties worth a total of £7.8m sold across the company’s sites in East Yorkshire and Lincolnshire last month (July).

He added: “We have had a very strong first half of 2016, with recent buoyant sales demonstrating absolutely no impact since the Brexit vote.

“We anticipate turnover of £37m in the current year, with a projected further growth in profits. Our target is to deliver 245 new homes in 2016, which would be a record for the company.”

In its year-end accounts, Beal reported that during 2015 the company increased the average selling price of its properties to £182k, up 8% on 2014, due to “enhanced mortgage availability and customers continuing to take advantage of the Government’s Help to Buy equity loan scheme”.

During 2015, Beal also established a joint venture with Hull-based regeneration company Wykeland Group to transform the Fruit Market area in Hull, in partnership with Hull City Council.

The new company, Wykeland Beal, is driving forward the £80m regeneration of Hull’s cultural and creative quarter as an “urban village” featuring business, arts, culture, retail and leisure uses, together with more than 100 mews-style Beal homes.

Beal Homes in headquartered at the Bridgehead business park in Hessle.