Bovis Homes sees market "stabilisation"

U.K. homebuilder, Bovis Homes, has said the housing market has shown some signs of stabilisation in the first six months of the year with reservations for private homes this year jumping 92 percent as mortgage approvals increased and the housing market showed “signs of stabilization.” The number of private homes reserved during the six months through June was now at 901.

U.K. house prices unexpectedly increased for a second month in June Nationwide Building Society said June 30, adding to signs that the worst of the property slump is over. Bovis’s average selling price fell to 160,400 pounds, in the first half, compared with 196,700 pounds a year earlier.

“The group has good visibility on reaching a debt free balance sheet during 2009 given its very low net debt at 30 June,” Bovis said in the statement. “The group is operating with a sustainable and reduced overhead base which allows the achievement of trading profits from relatively low levels of revenue.”