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Bovis Says Average Selling Price Increased on House Focus

Nov. 12 (Bloomberg) -- Bovis Homes Group Plc, the U.K.’s second smallest homebuilder by market value, said the average selling price of homes to be built this year rose 5.5 percent after the company favored houses over apartments.

The price increased to 190,000 pounds ($287,000), compared with 180,100 pounds a year earlier, the Longfield, England, company said in a statement today.

“Subject to stable market conditions, the group is confident that it can deliver further growth in revenue with strong increases in profit margins,” the homebuilder said.

Britain’s uncertain recovery from a double-dip recession and a dearth credit has curbed demand for homes. House prices fell for a fourth month in October, Halifax said Nov. 6. Prices may fall as much as 2 percent next year as values in every part of the country drop for the first time since the financial crisis, broker Knight Frank LLP said last week.

To contact the reporter on this story: Chris Spillane in London at cspillane3@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.

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