<p>Lovell’s operating profit for its half year fell 27% in the face of “continued economic turbulence”, the partnerships housebuilder has said.</p> <p>During the six months ending June 30 2023, Lovell, part of Morgan Sindall Group, saw an operating profit of £10.1 million against H1 2022’s £13.9 million. </p> <p>The business completed 805 mixed-tenure units, up from 2022’s 755, but open market sales dropped 20% to 340. The homes’ average selling price fell 8% to £241,000.</p> <p>But Lovell’s revenue rose 31.3% to £373 million. Its secured order book lifted 27% to £2.074 million.</p> <p>Lovell said it was working on “key projects” including Sandcastles - an over 55s scheme through Lovell Later Living – which opened to visitors at the end of July. </p> <p>The business also said its “flagship” scheme in Spennymoor was “progressing well”. Here, Lovell is exploring the Future Homes Standard by using suitable construction methodologies and technologies. </p> <p>Steve Coleby, Lovell’s md, said: “This is a time of real opportunity for Lovell. More than ever, we are supporting our partners through our flexibility, innovation and strength and we must remain focused on the delivery of homes that will shape future communities. </p> <p>“The announcement from Homes England earlier …