7 Nov

'Sales of new-builds to dip', construction head predicts

'Sales of new-builds to dip', construction head predicts

Sales of new-build properties in the UK are set to slow as borrowers' confidence is knocked by reports of financial turmoil in global markets, it has been predicted.

According to house-builder Bovis Homes, potential homebuyers' confidence has been hit by high profile stories such as the bank run seen at Northern Rock and reports of crisis in the US sub-prime mortgage market.

Malcolm Harris, chief executive of Bovis, said: "Recent events in the financial markets have adversely affected consumer confidence, resulting in sales being lower than anticipates during the key autumn selling period."

Mr Harris added: "Looking ahead, the mid and longer-term supply and demand dynamic remains very attractive in the housing market, but, in the short term, sales will reflect this recent decline in consumer confidence, in particular as it relates to major consumer purchases."

Last year Bovis sold 3,000 homes, but according to analysts polled by the Times this is likely to increase only slightly this year.

ADNFCR-1222-ID-18346923-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.