Monday, March 9, 2009
Bovis said that the availability of mortgages for home purchase had fallen 70% during the year
The housebuilder Bovis Homes has reported a pre-tax loss for 2008 of £78.7m, compared with a profit of £123.6m for 2007. It decided to write off £77.4m of the value of its assets such as land. It has also written off £10m of the benefits it had expected from the 2007 acquisition of Elite Homes. Bovis boss David Ritchie described it as "an unprecedented year", saying there had been, "the toughest trading environment for many years". He blamed the problems on "declining mortgage finance availability and poor economic conditions, allied with low consumer confidence".