Wednesday, Mar 03, 2010
Will we ever see affordable housing again?
Reuters: Taylor Wimpey posts FY loss, encouraging 2010
Taylor Wimpey said trading in the UK in the first two months of the year was encouraging, while the U.S. housing market has stabilised.
"Whilst we remain cautious, we are continuing to see slowly improving conditions across our main markets," chief executive Pete Redfern said in a statement.
Posted by debtfree @ 08:12 AM (1229 views) Add Comment
13 Comments
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1. little professor said...
"Taylor Wimpey, the UK's second largest housebuilder by market value, reported a pre-exceptional loss of 96.1 million pounds compared with a 74.7 million loss in 2008."
Oh dear. What happened to the recovereh?
2. wdbeast said...
They have never properly written down the value of their only assets, land and houses.
"Dead man walking"
3. debtfree said...
It's crazy, they have huge losses and think 2010 looks promising.
4. taffee said...
I think people have been used to all the huge losses banded about and so anything better than disaster is classed as good news!
5. layers said...
Well they'd never come out say that the future looks aweful with prices continuing to fall! Lol
6. mark wadsworth said...
Property developers are to a large extent not property developers but land price speculators. There was an article in today's Metro saying that Persimmon had mothballed all its developments a year ago and have now restarted.
Guess what kind of tax would focus their attention on building houses and creating jobs (which we need) and not speculating on rising land prices?
7. timmy t said...
I can remember the days when 100m was a lot of money. Our society has become like game of monopoly...
8. Exiges said...
Of course they're not losing as much money, they've laid off all their builders
9. alan_540 said...
Mark - I think you are talking about flat rate income tax across the board & getting rid of all other indirect taxation.
10. mark wadsworth said...
Alan, yup, my master plan:
a) replace income tax, VAT, NIC, corporation tax with a flat rate income tax.
b) Replace Council Tax, Business Rates, CGT, Section 106 agreements, TV licence, SDLT, IHT, IPT with a flat rate tax on property values (like in Northern Ireland). It's not "indirect taxation" it's like a user charge.
11. alan_540 said...
What Cunning Plan Baldrick! Gets my vote.
12. mark said...
i am currently working in the USA and there is no way the market has stabilised it is verging major collapse, there are so many people sitting in houses, not paid for mortgages for over a year now, but because there is a massive backlog to evict people on foreclosures they simply cannot cope with a shorter timescale... this is a massive time bomb waiting to go offffffff.
13. enuii said...
Taylor Wimpey and other leveraged and over land banked property developers are ultimately f@rked. 2010 is shakeout time.