Bovis’s new chief executive declared in March that the housebuilder had got its “mojo” back. Bribes for moving into unfinished properties? A thing of the past. Poor quality homes? Done with that too.
And when Bovis issued a trading update earlier this month, Greg Fitzgerald said it was on track for record profits this year. Customer satisfaction, he added, was above 80%. So far so good.
However, the bullish statement was quickly followed by a note of caution: Brexit uncertainty has dampened the appetite of discretionary buyers. The company has increased its use of part-exchange — where a buyer uses an existing home as part-payment — to 15% from 8% at the end of June.
Shares in Bovis have fallen 27.5% since their high of