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Bovis Homes back on the growth path

While we still await definitive confirmation of an upturn in UK property market, despite signs from various housebuilders that the market has turned, Bovis Homes has today announced plans to scrap its interim dividend in 2009 amid " challenging trading conditions". However, the prospects for shareholders may not be as bad as the headline indicates with the company suggesting that funds saved would be used to purchase "cheap residential land".

It is interesting to see that Bovis Homes appears to be looking to expand even though confirmation of an upturn in prospects for the sector has yet to be confirmed. The company also announced nearly 1000 private customers reserved properties during the first six months of 2009 which was nearly a 100% increase on the corresponding figure last year. While this may be partly due to a lack of quality properties in the second-hand home market it is encouraging to see people starting to spend money again.

Slowly but surely the news in the housebuilding sector appears to be improving although unfortunately we have been at this juncture a number of times over the last 18 months. Investors are becoming more and more wary of "false dawns" and it may be some time before we see potentially better prospects reflected in share prices.

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