On the other hand, units in the Central Region advanced to 567 units from 510 units a year ago, but average selling prices fell to £194,200 from £204,200. For the Eastern Region average selling prices rose to £ 185,400 from £167,400 with 435 units completed in 2007 compared to 504 units completed a year earlier.

Units completed in the Northern Region rose from 272 to 344, while prices grew to £170,000 from £168,500 in 2006.

For Retirement Living, completed units fell from 95 to 62 and average selling prices rose to £283,400 from £242,400 a year ago.

Product Mix

Bovis reported that social and partnership housing contributed 22% of volumes versus 13% in 2006, while low rise apartments were limited to 28% of private volumes from 24% in the previous year.

During the year, there was a decline in private legal completions in all the regions, except for the Northern Region where the acquisition of Elite made a positive contribution.

In addition, private volumes fell in South Eastern region where 25% drop in average sales outlets contributed to 30% decline in volume.

Land Bank

In 2007, 2,266 plots were added to the controlled land bank of which 641 were converted from strategic land bank of which 641 plots were converted from strategic land holding and 824 plots arose from Elite acquisition.

Outlook

Bovis Home Group Plc said uncertainties remain in looking ahead to selling season activity, adding that land sales and commercial income is likely to be higher than 2007.

According to the company, £8 million to £10 million financing charges are expected in the year.