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Bovis Homes will pay 拢25.7m in cash to Elite and take on 拢46.2m of the company鈥檚 debt. The deal will increase Bovis Homes鈥� landbank with planning permission by more than 800 plots, to 12,470.

Elite sells homes across north-west England and Yorkshire. Last year it posted pre-tax profit of 拢6.4m on sales of 拢58.4m.

Malcolm Harris, Bovis Homes鈥� chief executive, said: 鈥淭his acquisition represents a good opportunity to consolidate our presence in the north of England, developing our position in this important market as part of our longer-term regional expansion plans.鈥�

City analysts said the economies of scale in what is traditionally a low margin region would benefit Bovis Homes in the long term. Simon Brown, an analyst with stockbroker Evolution, said: 鈥淚t is a small deal in overall terms, but it shows that the attractions of acquiring planned land in bulk will maintain the trend of steady industry consolidation.鈥�

The City also thought Bovis Homes had achieved a good price for Elite, as its shares rose after the announcement on Friday; other housebuilders shares performed poorly.

It is a small deal in overall terms, but it shows the attractions of acquiring planned land in bulk

Simon Brown, analyst

Last time out, Bovis Homes posted a 10% rise in pre-tax profit to 拢58.4m for the six months to 30 June.

In common with other housebuilders, Bovis Homes鈥� share price plunged from its April high of 1,220p.

Shares are trading at about 673p, above last month鈥檚 year low of 637p, giving the company a market capitalisation of about 拢815m.

Bovis Homes has recently been seen as a potential takeover target but, to date, has been protected by its high share price.