Taylor Wimpey's reports reservations slowdown

By Sarah Richardson and Sarah Richardson Sarah Richardson2007-10-31T13:45:00+00:00

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Housebuilder warns that poor market conditions have dented its reservations rates

The UK鈥檚 largest housebuilder Taylor Wimpey has warned that the recent financial turbulence is hitting its reservation rates, in the latest evidence of problems in the housing market.

In a trading update today, Taylor Wimpey said that it had seen reductions in both visitors and reservation numbers.

The housebuilder warned that market conditions in the UK were likely to remain subdued 鈥渋nto the New Year鈥�.

The company has also been badly hit in its US operations, where it has seen a cancellation rate of 30% in its North American business. In the statement, the company said: 鈥淢arket conditions in the US have deteriorated significantly over the last two months, with turmoil in the US mortgage industry and a very low level of customer confidence.鈥�

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