Bovis Homes has raised £60m via a share placing to take advantage of market conditions and buy land on the cheap.

David Ritchie, chief executive, said at the company’s half-year results last month that there would be more distressed sellers in the second half of 2009 as vendors came under increasing pressure from shareholders to sell land.

Kent-based Bovis placed up to 12.1m shares, representing 10% of the company, through Deutsche Bank and RBS Hoare Govett.

Daily Telegraph