Bank of England Chief Economist visits Cavanna Homes

Spencer Dale, in his role as a member of the Monetary Policy Committee, will meet the Cavanna Group’s senior management team at their Torquay head office, including Managing Director Jeremy Cavanna and Marketing Director Jonathan Cavanna. 

 

MPC members undertake around 50 regional visits each year across the UK and the direct intelligence they gather supplements information from official statistics and business surveys. The discussions also provide businesses with an opportunity to offer insights and opinions about the economic situation and the MPC’s policy stance.

 

Cavanna Homes is the Westcountry’s largest independent housebuilder with a portfolio of developments across Devon, Somerset and Dorset. The company has just released figures which reveal that sales in August 2009 were the best for two years and the second best in the last five years.

 

Cavanna Homes’ Marketing Director Jonathan Cavanna says that the company is encouraged by an upward trend in sales over the past year, during which net reservations of new homes increased by 38% to £21.4 million in the twelve months to August 2009.

 

“Our open market sales over the last twelve months have been as good as sales in pre-recession 2006. It’s very encouraging that we are recovering some growth in both the open market and the social housing division.  However, it’s too early to boldly say that the housing market here in the south west is out of the woods. Property reservation values are still significantly lower than they were in 2007 but it’s an effective way of regenerating the market,” explains Jonathan Cavanna.

 

He continues; “Ultimately, new homes offer excellent choice and value for money during a recession particularly at a time when there are relatively few used houses coming on the market. There are no problems with chains and the running costs are relatively low, which is especially attractive to all cost conscious homeowners.”