Poor mortgage market hurts Bovis' expectations
LONDON - Bovis Homes said on Tuesday that conditions in the housing market had "deteriorated sharply" in recent times, and that as a result the company expected its results for the first half of 2008 to be significantly lower than previously expected.
Retail retrenchment hurts mallsBovis said that homebuyers were becoming more cautious thanks to "negative developments" in the mortgage market, with less mortgages being granted and higher interest rates and fees for those that are.
As a result the company said that its reservation results to date were down 30 per cent on the same time last year to 1,382 homes.
Bovis said in a statement, "In light of the recent market deterioration, the Board now expects that the Group's results for the first half of the year to 30 June 2008 will be significantly lower than it had previously anticipated and that with ongoing market uncertainties, the outlook for the remainder of 2008 is difficult to predict."
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