Housebuilder's sales plunge by 27%

HOUSEBUILDER Taylor Wimpey today reported a 27 per cent plunge in house sales since the summer and warned there was no immediate end in sight for the UK property slump.

The group said net reservations averaged 165 a week since July 1. Britain's biggest housebuilder - which owns the George Wimpey and Taylor Woodrow brands - said its order book stood at 6607 – 40 per cent less than at this time last year.

Taylor Wimpey also warned of a potential further hit to the value of its land and building stock on top of its writedowns announced at the half-year stage.