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"It's loans!" moans Bovis

Posted by: katalysis

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In November 2007 (Bovis Moans) we said that the house builders share performance suggested house prices were about to start moving south also. Unfortunately, we were right! So how has the housebuilder been doing in the meantime? According to the BBC over the first 6 months of 2008 its average new build sold for about £160k. Down about 18% from a peak of roughly £196k in 2007. What isn’t clear is if Bovis has been able to bolster the ticket price by offering sweeteners on part exchanges as well as cash back deals. Some builders have favoured these so as not to appear to be discounting too aggressively. The problem for most of us is that second hand stock has to compete with new builds. What about the future? Bovis says that depends on the availability of mortgages. Hmmm where have you heard that before?
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