Scotland business

Housebuilder Springfield upbeat as sales rise

Springfield's Riverside Point development at Braehead, Glasgow
Image caption Springfield said nearly two-thirds of sales in the first quarter were at its central belt developments

One of Scotland's largest family-run housebuilders has suggested confidence is returning to the housing market, after posting strong first-quarter results.

Moray-based Springfield Properties said sales rose by nearly 20% compared with the same period last year.

The firm secured more than 100 private reservations between January and March across its 22 developments in Scotland,

More than 65% of sales were from the builder's central belt developments.

Springfield said its strongest selling site of 2012, at Braehead in Glasgow, continued to sell well in the first three months of the year.

The Elgin-based housebuilder said interest in its developments had been boosted by the launch of the MI New Homes initiative by industry body Homes for Scotland, which offers 95% mortgages to prospective first-time buyers.

Springfield managing director Innes Smith said: "We were one of the first homebuilders to join the MI New Homes initiative because we could see its potential for helping our customers to buy new homes.

"It has certainly contributed to our success in the first quarter of this year."

In November, the builder reported that turnover in the year to March 2012 rose by 32% to £53m. Profit also climbed from £2.5m to £3.9m.

During 2012, the company handed over 190 private homes and 235 affordable houses.

Springfield, which employs more than 200 people, took over Redrow's Scottish developments in 2011.

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