Latest News

Industry disappointed at rate hold decision

Industry stakeholders have expressed disappointment at the Bank of England monetary policy committee’s (MPC) decision to hold the base rate at 5%, resisting industry calls to help the market and boost consumer confidence by cutting rates by a quarter percent.

HIPs roll-out to be delayed – again

The planned roll-out of home information packs (HIPs), which was scheduled for the beginning of June, has been put back to the end of the year as the level of transactions in the housing market continue to fall.

HBF urges interest rate cut

The Home Builders Federation is urging the monetary policy committee (MPC) to vote in favour of a cut in the base rate of at least 0.5% at tomorrow’s meeting, to “help restore both lender and buyer confidence and get some fluidity back into the housing market.”

Consumer sentiment falling – Nationwide

Nationwide\'s latest monthly survey of consumer confidence concludes that sentiment is at its lowest level since May 2004.

RICS urges mortgage lenders to clarify terms

The Royal Institution of Chartered Surveyors (RICS) is calling for mortgage lenders to issue accurate guidance on lending terms and minimum loan-to-value ratios, in a bid to restore consumer confidence.

Bovis’ outlook gloomy following 30% drop in reservations

The Bovis board has spoken of “sharply deteriorating conditions” in the housing market, in its May 6 trading update. The plc has blamed negative consumer sentiment and the growing dearth of available mortgages for its need to sharply revise down forecasts on those issued at its preliminary results statement two months previously.

Bellway and Redrow deny merger talks

Bellway and Redrow have denied rumours that they are discussing a possible merger – a deal which would make the new company the industry’s third largest developer after Persimmon and Taylor Wimpey, with an equity value of £1.2 million. The companies are currently the UK’s fifth and seventh largest quoted builders.

Rumours fly over Barratt rights issue

Rumours are flying of a rights issue by Barratt, which has debts of £1.7 billion. The Financial Times (May 7) has also reported on talk of a £400 million cash injection into the company from private equity firm Apollo, which took a stake in Countryside last year.

NHBC launches taskforce on customer satisfaction

The NHBC has joined with John Callcutt to launch a new task force to help the industry in its drive to further improve customer service standards.

Industry and Treasury seek solutions to credit squeeze