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Bovis boost to housing market

BOVIS is the latest housebuilder to issue upbeat figures fuelling hopes of a recovery in the housing market.

The company said profit forecasts were on target with the average sales price up 2.5 per cent on 2008 to £154,600 in 2009.

Bovis completed 1,803 homes compared with 1,817 in 2008 – with 1,527 of those private homes.

That was 25 per cent up on 2008 when the firm built more social and partnership housing.

The company said the 2009 result had been strong but urged caution on 2010.

It said in a statement: “The group continues to expect trading conditions in 2010 to be subdued relative to historical levels, given ongoing economic uncertainty.

“Mortgage approval volumes are slowly rising, but mortgage providers continue to require record high levels of deposits, particularly from first-time buyers.”