Nationwide reports double digit house price fall
House prices have fallen 10% over the last year, the first double-digit annual fall since 1990, Nationwide reported.
Taylor Wimpey sees 96% profit drop
Taylor Wimpey’s profits have plunged 96%, the housebuilder revealed in its half year trading statement to 30 June.
Bovis profits plummet 84%
Bovis Homes Group’s trading update for the six months ending 30 June, gives further evidence of the collapse in the housebuilding market, with the housebuilder’s profits plummeting by 84% to just £9.5 million.
Persimmon’s profits dramatically down
Persimmon’s half year results to June 30 have added to the gloom of the market, with pre-tax profits down 64% on the first half of last year and legal completions slipping 31% to 5,501 units.
Land values falling sharper than housing market – Savills
Residential land values are falling at a steeper rate than the housing market, a Savills survey has revealed.
NHMB pushes for first time buyer scheme
The New Homes Marketing Board (NHMB) is urging government to set up a national home deposit savings scheme, allowing first time buyers to save for a deposit, legal fees and removal costs.
HBOS to slash staff and mortgage products
Following its failed £4 billion rights issue, the UK’s biggest mortgage lender, HBOS, plans to shed 425 jobs – 325 of which will be in the mortgage divisions – and close one of its five mortgage brands. The company has informed investors that it is positioning itself for a possible 20% fall in house prices.
Bellway reports reservations almost halved
Bellway’s trading update for the year to July 31 shows the severe impact of the market downturn, with reservations down 45% during the second half, and sales down 14.2% to 6,556 homes.
Arrears and repossession cases rise – CML
The number of mortgage arrears and possession cases rose in the first half of this year, according to Council of Mortgage Lenders (CML) data.
Mortgage approval rate falls 60% - Halifax/BoE
The number of mortgage approvals used to buy houses has fallen 60%, Halifax revealed in its latest house price index
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