Friday, June 6, 2008

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Builders facing cash calls as sales slump

Many of Britain's biggest housebuilders could be forced into deeply discounted emergency rights issues before the end of the year, City analysts are warning, amid unprecedented gloom about the prospects for the sector. More than £300m was wiped off the value of the country's six largest housebuilders yesterday, with investors panicked into a sell-off by a doom-laden report on the sector from investors at UBS. The investment bank said there was little prospect of any imminent recovery from leading housebuilders while mortgage lending remained depressed.

Posted by lvmreader @ 02:21 AM (1771 views)
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