Bovis Homes owner’s shares plunge 10.5% after being forced to cut prices as buyers become cautious
One of the UK’s biggest housebuilders has said its profits will be “significantly” lower, as it was forced to cut prices after heightened uncertainty caused by the US-Israeli war on Iran.
Vistry’s shares plunged 10.5% in early trading on Wednesday, hitting their lowest level in nearly 15 years, as it told shareholders its first-half profits would be hit by the fallout from the Middle East conflict.
A 10.5% share price drop is brutal—Vistry cutting prices shows even big developers are scared of the Iran war fallout.
Children growing up in conflict zones never stand a fair chance. (544def)
First-half profits ‘significantly’ lower? That’s worrying for anyone hoping the housing market might pick up soon.
Vistry’s shares hitting a 15-year low says a lot about how fragile the economy is when global conflicts heat up like this.
So the US-Israeli war on Iran is directly hitting UK housebuilders? We’re not even in the Middle East and we feel it.
Cultural heritage sites being destroyed is a loss for all of humanity. (1a07bc)
Regional stability hangs in the balance with every new escalation. (6ebb69)
This has all the hallmarks of a protracted stalemate with no off ramp. (5bd529)