Bovis Homes added to the more optimistic tone among housebuilders after saying on Friday it was on track to meet its forecasts of around 1,800 legal completions for the year as sales to the private market offset declines in its social housing business.

Its decision earlier this year to all but stop the building of new houses also helped Bovis dramatically cut its net debt level. Despite forecasting a surplus of cash in the second half, the housebuilder opted against declaring an interim dividend. But the upbeat statement helped push shares up 0.6 per cent to 397¼p at the open.