Housing woes 'will continue'

REDUCTIONS in interest rates will not deliver a recovery for the UK housing market, housebuilder Taylor Wimpey said today.

The group, which today released its results for 2008, welcomed the interest rate drop but said the limited availability of mortgages and continued economic uncertainty would see consumer confidence remain low.

The firm recorded 137 reservations a week in the second half of 2008, compared to 225 for the same period the previous year. It completed 13,394 homes, down from 20,690 in 2007.

The average selling price for the full year was £171,000, compared to £177,000 for the first half.