Westbury has pledged to increase its production of new homes by 60% over the next five years. The company hope this will drive up profits in a sluggish market. It hopes to increase volumes to 7,000 homes by 2010 from 4,361 in the year to February 28. Westbury are making the move in response to an expected slow down in house price rises over the next five years. The news came as Westbury announced pre-tax profits up 13% to £120 million on turnover up 2% to £893 million. Meanwhile Ian Napier, chief executive of Taylor Woodrow, predicted a lower year-on-year house completion rate in the first half. At the companies annual meeting Napier said: “With the present uncertainty over interest rates, the distraction of the general election and a more cautious approach from buyers, it remains too early to predict the UK market for the full year.” (Times, Independent, Telegraph, FT)