Springfield Properties reports rebound in sales

Springfield said developments such as Dykes of Gray, near Dundee, "continued to progress"

Housebuilder Springfield Properties has reported a rebound in construction and sales following the lifting of initial lockdown restrictions in June.

In a trading update, the group said it expected total revenue for the six months to 30 November to be about 17% higher than the same period last year.

The company also expects to report a fall in net debt over the period from £68.8m to about £33.6m.

Springfield attributed strong sales activity in part to "pent-up demand".

The Elgin-based firm added that demand had been underpinned by Scottish government initiatives such as the First Home Fund, Help to Buy and the Land and Buildings Transactions Tax holiday

The group's "Village" developments continued to progress during the first half, with the opening of the first convenience stores at Dykes of Gray, near Dundee, and Bertha Park, near Perth.

Springfield also won planning approval at Bertha Park for 75 homes for the private rented sector (PRS), marking its first foray into that market.

Chief executive Innes Smith said: "This has been a strong six months for Springfield.

"We were able to safely and efficiently resume construction to complete the homes that had been scheduled for handover at the end of the previous financial year.

"We reopened to significant sales interest, reflecting pent-up demand and the increasing desirability for spacious homes with private gardens and easy access to plenty of green space; the type of housing Springfield offers."