Bovis announces £78.7million loss after collapse of mortgage market
Bovis Homes has announced that its revenue fell almost 50 per cent last year, due to the sharp fall in the number of homes sold as potential buyers struggle to get a mortgage in the current economic climate.
The house building group completed 1,817 homes in 2008, about a third fewer than the number completed in 2007, and Bovis said that the average price it sold a home for was £150,800, compared to £179,500 the year before.
Last year it managed to reduce its costs through redundancies and restructuring of the business, cutting overheads by about 45 per cent when compared to 2007, but its £78.7million loss for 2008 follows profits in 2007 of £123.6million.
