Sunday, November 16, 2008
Halp Halp O Halp!!!!
"The living dead" - they can be kept alive but really they are just ghost companies. That is the shocking description of the state of many of Britain’s housebuilders by Alastair Stewart, analyst at Dresdner Kleinwort. He sums up the housing market neatly in one word – carnage. Job losses are soaring, firms are going bust every day, house and land values are plunging and new-home construction has collapsed to levels not seen since the 1920s. Taylor Wimpey's share price has plummeted 98% while rival Barrats has dropped 95%. Builders have closed down sales offices and laid off workers. Government ministers are starting to panic.The Homebuilders Federation is calling for government action to halt the housing crisis.