Bovis demand down but picture brighter

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

However, prospects seem to be improving modestly, with 638 private reservations since the turn of the year - up hugely from the 373 at this stage last year.

Although it is trying to sell as many homes as it can, the company's priority this year is to generate cash flows by reducing the amount of building work in progress and shifting homes that have been built, even if that means lowering prices.

In a trading statement today, Bovis said: "The group remains cautious in its view of the housing market Increased availability of mortgage finance, particularly for first time buyers, [is] critical to the market's recovery."

Thanks to its strategy of conserving cash, which has delivered ahead of budget, net debt currently stands at £47 million. Unsold finished stock levels are down 40%.

■Barratt Developments today appointed David Thomas as finance director to replace departing Mark Pain. Thomas, 46, will join from video games retailer Game, where he has been finance director since 2004. Before that he was finance director at Millennium & Copthorne Hotels.