Bovis pain as house orders drop by 48%
11 April 2012
Builder Bovis today added to the housing market's dire outlook when it admitted having just 425 reservations for new homes on its books — 48% down on this time last year.
It also confirmed the number of houses sold in 2008 fell by more than 1000 to 1817, and the average selling price fell from £179,000 to £150,000.
Bovis won't pay a final dividend, but sought to reassure investors by revealing details of new financial arrangements with creditors.
While the cost of the new £220 million borrowing facility is higher than before, it says the more flexible covenant package is better suited to market conditions.
