Prince\'s Foundation joins ecotowns drive
The Prince\'s Foundation for the Built Environment is to give design guidance for a potential ecotown scheme of 5,000 houses near Nottingham.
Redrow reduces capacity and makes 550 redundant
Redrow has moved to reduce its capacity as the continuing impact of the credit crunch has seen its sales volumes during the first six months of the year fall by 19% to 3,935 homes. The group has only marginally reduced its average selling prices – down to £157,000 compared to £159,000 in 2007. But its forward sales are well down, by almost 45% - standing at 1,189, and reservations are down by 55%, with cancellation rates running at just below 30%.
Bovis cuts 40% of workforce as sales fall by 32%
Bovis has announced significant cost cutting measures as its sales volumes have fallen by 32% on last year, with 851 homes sold during the first six months of the year. The firm\'s trading update called the current market “the worst the group has seen for many years” and blamed the “severe reduction in mortgage availability” and increasingly, a loss of consumer confidence, for the speed and scale of the downturn.
Mortgage lending in May down 44% year-on-year
Latest figures from the Council of Mortgage Lenders (CML) shows that the total value of mortgage funding issued for house purchases in May, £7.6 billion, was down 44% on May 2007. Volumes stood at 52,700 in May – also 44% down on last year, although up 4% on the previous month.
Persimmon to shed 1,100 staff as sales fall by 34%
Persimmon\'s trading update for the first six months of the year illustrates the continuing impact of the so-called mortgage famine, as sales are down by 31% and reservations by 30%. The housebuilder has blamed “the significant reduced availability of mortgage funds and reduction in consumer confidence” for its slowing sales and the cuts it is now making to costs, output and staff. A total of 1,100 salaried staff and 900 site-based workers are to be laid off - a total of 40% of the company\'s workforce.
Mortgage rates continue to rise – Moneyfacts
Latest research from moneyfacts.co.uk shows that mortgage rates for fixed rate deals are continuing to climb, with two or three year rates now standing at more than 7%. Those now taking out three-year deals have faced the biggest hikes, with the average rate now at 7.25%.
Persimmon expected to announce mass redundancies
Volume housebuilder Persimmon has made around 1,000 of its staff redundant following a two-month consultation with its employees, according to reports.
Government announces HCA delivery protocol
A protocol has been agreed that sets out the way local authorities will work with the soon-to-be-established Homes and Communities Agency to deliver new housing and regeneration projects.
Housing pack \"not enough\" HBF warns government
The government\'s housing package aimed at stimulating the market is nowhere near enough to make a real impact, the HBF has warned government.
Mortgage famine to worsen, lenders tell Bank
A Bank of England survey of lenders has revealed a widespread view that the so-called mortgage famine is set to worsen over the next three months.
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