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Has the UK property sector bottomed out?

Today's news that Bovis Homes has raised £60 million via a share placing, with the intention of spending funds on "cheap land", is yet another indication of the upbeat sentiment in the UK house building sector. Only a few weeks ago we saw the vast majority of house builders in the UK issue disappointing profits but ultimately positive comments going forward with the general opinion that the worst is now over.

The company believes that the second half of 2009, while ultimately showing improvement in the UK economy, will see more and more distressed sellers in the land sector. The company hopes to snap up a number of bargains up and down the country before this particular area bottoms out and prices started to firm up. It would appear from this intention to acquire further land that Bovis Homes believes that house sales have also bottomed out and will recover in the short, medium and longer term.

While we have been here many times before, regarding false dawns in the UK house building sector, it is encouraging to see a renewed vigour and a different feel to the opinion of those in the sector at this point in time. If we have turned the corner, there is every chance that this will inject a significant dose of confidence into the UK economy and hopefully encourage UK banks to loosen their liquidity belts.

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