Tuesday, November 6, 2007

The builders are getting worried

Bovis forecasts fall in house prices

Bovis said that it expected the average sales price for one of its own homes this year to be down 3% from 2006. That would mean a real price fall of £5,511, which would mark a dramatic reversal for Bovis and the market.

Posted by little professor @ 10:00 AM (975 views)
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6 thoughts on “The builders are getting worried

  • ….. and this is on top of the massive “incentives” we have seen in the past year. A local Redrow development is advertising a £500 per month “mortgage contribution” for 2 years on top of 5% “deposit paid”. As these are on houses (unsold 12 month old stock) priced around the £160,000 mark, these incentives suggest the reality is a 12.5% fall (£140,000 as opposed to £160,000) in prices. That said, it’s nice to see Bovis breaking ranks from the ‘great house price illusion’ and admitting that prices are falling.

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  • “It comes less than a month after Mr Harris told The Times that the housing market was “steady”.”

    Take note, David_2004_.

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  • Doesn’t bode well for housing as an investment does it?

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  • Average sales price down 3% – does this actually mean lower the last year though?

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  • Bovis! I thought they made bread.

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  • Watching And Waiting says:

    Denzil……………….Bread is going up in price!

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