Bovis halts plans for new homes

Falling sales have forced Bovis to call a halt to speculative development of new homes as of next week.

The company said that it would complete homes that have been reserved or pre-sold but that it would stop all other new housebuilding over the summer, according to the Daily Telegraph.

The news came on the day that both Bovis and Redrow announced that they were both cutting their workforces by 40% each.