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Wimpey - Crash Is Here

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...so banking isn’t the most attractive sector to be in at the moment. Mind you, there are worse – the housebuilding sector springs to mind.

Sector heavyweight Wimpey reported a 25% rise in pre-tax profits to £152.3m earlier this week. But despite sales hitting a 25-year record of 7,822 homes, the group said that price rises were becoming more difficult to achieve, particularly outside London. The average selling price fell 5% to £175,500 from £184,600 the year before.

Wimpey has some international exposure, which you might think would make it less risky to invest in. The trouble is, the other market Wimpey is exposed to is the US, where the housing slowdown is really starting to bite.

The US unit Morrison homes has seen forward orders dive by 16% and visitors per site fall by more than 30%. Wimpey is also trying to be optimistic - but with US consumers even more heavily indebted than their UK counterparts, it's almost certain that the bad news from the US has only just begun.

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Whats the source of the quote, Minimula?

it's come from MoneyWeek but I guess that it's taken from the Wimpey results statement.

The extra interest rate rises should start to knock a few more % points of their sale prices

Today could very well be the defining HPC moment.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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