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Bovis reservations 83% up on the year

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by Gill Montia

Bovis Homes achieved 1,488 private reservations in the year to 13th November 2009, an 83% rise on the comparative figure for the same period in 2008.

The group also says it anticipates legally completing around 1,800 sales in 2009, of which 1,500 are expected to be private homes (compared with 1,223 a year earlier) and around 300 social homes (compared with 594).

In addition, private sales prices have seen “a modest improvement” since the end of June and Bovis expects to increase the value of its existing land bank, while continuing to proceed with land purchases.

Also this week, Barratt Developments reported that it is shying away from the apartments market to focus on building houses.

According to the firm, banks and building societies are wary of lending on apartments because of oversupply and pre-credit crisis mortgage scams that involved property valuations being deliberately inflated.

Amid reports that some city centre apartments have lost 50% of their value, lenders are demanding deposits of 25%.

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News posted: November 19, 2009

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