Monday, Aug 23, 2010
From the horse's mouth
Evening Standard: Bovis back in the black but warns recovery is fragile
Bovis Homes returned to profit today but warned that government austerity measures have left the housing market in a “fragile” state. It said it will reinstate its dividend at the end of the year so long as the market does not go back into reverse, having last made a payment in 2007. It said first-time buyers in particular are struggling to get mortgages. Last month Bovis struck a deal with Barclays to provide 90% loan-to-value mortgages to its buyers. Bovis bought 1,874 plots of land with planning permission for £107 million in the first half in a bid to boost future profits even if the market remains subdued. “We're not suggesting that house prices will rise, we're suggesting there is an opportunity to buy land today at current prices and make strong returns.”
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