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Bovis Echoes the Fall in Housing Market
The British housing market is really in doldrums. The fact has been reemphasized by the country's fifth-largest house-builder Bovis Homes, which cane out with a profit warning on Tuesday.
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May 6, 2008 (FPRC) -- London(Ask4loan)May06, 2008: Adding its voice to the chorus of housing sector slowdown, Bovis Homes, hemmed in by the credit crunch, has said that the global credit crisis was pounding on its shares. All this has happened in the wake of banks putting a check on their lending, upgrading their rates of mortgages and larger demand deposits from the credit takers.
These comments are on the same line as explained last month by the leading house-builder Persimmon. "The spring selling period has been absolutely awful," Malcolm Harris, the Chief Executive told, adding that the new prospective buyers were finding it difficult to get mortgages. "Surprisingly, visitor levels have held up, but purchasers keen to buy can't raise mortgages. What we need is for (mortgage) liquidity to come back into the market," the official added further.
According to Bovis sources, the selling reservations had witnessed a 70% fall during the two month period starting from March 10, when it released its annual results. Without explaining further the house-builder's confidential sources told that it was expecting annual sales value to be 20% to 30% lower than the expectations in March.
"The board now expects the group's results for the first half of the year to June 30 will be significantly lower than it had anticipated and that, with ongoing market uncertainties, the outlook for the remainder of 2008 is difficult to predict," the company sources re-emphasized the gloomy scenario.
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