Shares in Bovis Homes fell more than 12% as lacklustre results were compounded by a gloomy outlook statement and pleas for Bank of England action. Financial Times, Daily Telegraph, The Times

Malcolm Harris, chief executive, said: 'Unless decisive action is taken now to reduce interest rates and more normal conditions return to the mortgage market, it is likely volumes [in 2008] will be well below those achieved in 2007. Historically, the new housing market has been a precursor to how the general economy has performed. If our sector slows, the economy will slow.'

The warning came as Bovis unveiled pre-tax profits for 2007 down 9% at £123.6m (£135.5m) on revenues 7% lower at £555.7m (£597.3m).