UK Money News
27th March 2008
'No relief in property sector until late 2009', warns housebuilder
Homeowners have been warned that a recovery in the housing market is not due until the second half of next year.
Bellway, which is the UK's fourth-largest housebuilder, issued its gloomy prognosis along with its half year results.
John Watson, chief executive at the company, said: "At the moment, 88 per cent of our revised completions target for 2007-08 has been secured. The remaining 12 per cent will not be easy to achieve in the current climate.
"The market is not going to turn around quickly and we reckon it will be another 12 months before the housing market picks up."
Despite the depressed mood, Howard Dawe, chairman of Bellway, said the firm had "produced a good set of results…against a backdrop of an uncertain market place".
Bellway posted a fall in profit before tax to £96.6 million for the period – representing a year-on-year drop of 3.9 per cent.
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