| Taylor Wimpey makes more provisions |
| Tuesday, 13 January 2009 | |
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Taylor Wimpey is to make further provisions against its land and work in progress after seeing no improvement in the housing market.
The builder added that talks are still underway with its banks over refinancing its £1.55bn with a decision expected by the end of March, when a deferral period for a covenant test expires. Taylor completed 13,394 homes in 2008 (2007 pro forma: 20,690). Average selling prices were £171,000 for the full year (H1 2008: £177k, 2007 pro forma: £188k), reflecting the ongoing pricing pressure during 2008 and the higher proportion of affordable completions. |
