Bovis pain as house orders drop by 48%

It also confirmed the number of houses sold in 2008 fell by more than 1000 to 1817, and the average selling price fell from £179,000 to £150,000.

Bovis won't pay a final dividend, but sought to reassure investors by revealing details of new financial arrangements with creditors.

While the cost of the new £220 million borrowing facility is higher than before, it says the more flexible covenant package is better suited to market conditions.