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Taylor Wimpey Sells Fewer Homes On Limited Mortgage Lending Curbs Market

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Taylor Wimpey Plc, the U.K.’s second-largest homebuilder by volume, sold 2.2 percent fewer homes last year as low levels of mortgage lending constrained the U.K. housing market.

Taylor Wimpey completed 9,962 homes in 2010 compared with 10,186 a year earlier, the London-based company said today in a statement. The average selling price rose to 171,000 pounds ($273,000), from 160,000 pounds, it said. Pretax profit beat company forecasts, the homebuilder said.

“In the U.K., constrained mortgage lending and the continuing uncertainty in the wider economic environment remain the greatest restriction on the market and we continue to run the business cautiously,” the company said.

U.K. homebuilders, such as Barratt Developments Plc and Bovis Homes Group Plc, are expecting their margins to improve this year after acquiring cheaper plots of land.

The British housing market has weakened as the prospect of the biggest government budget squeeze since World War II and tighter lending conditions hurt demand. House prices fell for a third month in December as a lack of mortgage finance prevented buyers from making a purchase, Acadametrics and LSL Property Services Plc said last week.

Why,carry on pushing their prices up, if they are selling less properties? :unsure:

And I wonder, how are the builders getting hold of cheaper land? Does this mean land prices have gone down? Or have they just bought more land in cheaper areas of the country?

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