How to shock a property bull
“Collapse in Bovis sales shocks City,” said a headline in The Independent this week. The first bit of the headline makes sense. Bovis (BVS) customers have reserved 30% fewer houses so far this year than last and since early March they’ve reserved 70% fewer. I think that counts as a collapse.
But the second part of the headline is bemusing. How could these numbers have been remotely surprising, let alone “shocking”? It’s been clear for months now that the housing market, particularly the newbuild and first time buyer dependent parts of it, has been in meltdown.
Read the full editor’s letter here: How to shock a property bull