VTY Vistry Group Plc

     
BW20021217002402  20021218T070009Z UTC


( BW)(BOVIS-HOMES-GROUP)(BVS) Trading Statement

    Business Editors
    UK REGULATORY NEWS

    LONDON--(BUSINESS WIRE)--Dec. 18, 2002--

BOVIS HOMES GROUP PLC TRADING UPDATE

Bovis Homes Group PLC is today issuing the following update on trading
ahead of reporting the Group's final results for the year ending 31
December, 2002 on 10 March, 2003.

The Group continues to trade in line with its expectations. Cumulative
sales reservations are over 10% ahead of the comparable period in 2001
which provides a solid position going forward into 2003. Sales prices
for the current year are anticipated to show an increase of
approximately 8% per square foot for the full year including
specification improvements. This compares with the increase of 6% per
square foot experienced in 2001.

It is difficult to reconcile headline sales price changes reported by
the Land Registry compared with that experienced by this Company and
figures quoted by other major home builders. The increase in the price
of second-hand properties includes substantial sums spent on home
improvements such as major refurbishment, loft conversions, house
extensions, conservatories and other value added items which enhance
value.

According to figures published by the Halifax, the average annual
increase in earnings over the past 20 years is 6.2% with house prices
rising by an average of 6.8% per annum. If you take into account the
substantial cost of home improvements, house prices and earnings
appear to have increased broadly in line.

Apart from Central London, where we do not currently operate,
affordability is good due to low competitive mortgage rates.

With our prime landholdings and an excellent product range, with an
average current sales price of approximately �180,000, we are in a
good position to deliver another set of positive results in 2003.

Enquiries:

Malcolm Harris
Chief Executive
Bovis Homes Group PLC
Tel: 01474 872427

Andrew Best / Emily Bruning
Shared Value Ltd
Tel: 020 7321 5010

   Short Name: Bovis Homes Group
   Category Code: TST
   Sequence Number: 00001446
   Time of Receipt (offset from UTC): 20021217T173952+0000

    --30--mh/uk*

    CONTACT: Bovis Homes Group PLC

    KEYWORD: UNITED KINGDOM INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: BUILDING/CONSTRUCTION REAL ESTATE
    SOURCE: Bovis Homes Group

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