The housing market in the UK appears to be stabilising, one building company has suggested.
Bovis Homes noted that the rate of price decline has slowed in the first half of 2009, while mortgage approvals have risen.
Although transaction levels remain low in historic terms, the firm explained that it has seen a 92 per cent rise in reservations, while the opening six months of the year saw it generating cash inflow of £94 million.
In the interim management report, chairman of Bovis Malcolm Harris revealed that more land may be bought, stating: "There are an increasing number of land opportunities currently being assessed by the Group which may be acquired during 2009."
It comes after fellow builder Persimmon suggested that prices appear to be stabilising in many parts of the UK, while Gavin Smart of the National Housing Federation suggested that further government support is likely to boost the construction sector.
