An upbeat trading statement from Bovis (BVS) confirmed that the housebuilder is fully sold for 2018 and continues to target record profits for the year. Sales per outlet per week were steady at 0.51 between July and 11 November, but some potential buyers appear to be holding back, partly due to uncertainty surrounding the Brexit negotiations and government stability.
This has led to a worrying increase in the number of part exchange deals – which have jumped from 8 per cent in the first half of the year to 15 per cent in the second – and this could make it harder to grow margins next year. However, the company has made significant progress, notably improving its satisfaction rate, and while the shares are down around 9 per cent during the past 12 months, they have fared better than other housebuilders.