Wednesday, Jun 27, 2007
VIs know the game's up
Bloomberg: Wimpey Say U.K. Housing Market May Slow
U.K. homebuilders Taylor Woodrow and George Wimpey said the British housing market is poised to deteriorate, just days before the pair combine in a £5 billion merger.
"In the UK, we currently anticipate less buoyant market conditions in the second half of the year, due to the impact of recent interest-rate changes and the effect of these on customer confidence," Woodrow and Wimpey said in separate statements. In the U.S., orders are more than 40% lower than a year ago amid the worst housing slump in more than a decade, they said. The cautious tone contrasts with positive comments from Persimmon, Britain's largest housebuilder, which said the UK market remained resilient, and more interest rises would not be detrimental.
700 jobs will go following the merger of Wimpey and Woodow.
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