UK's homebuilder posts 96pc profit slump
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In another sign of just how hard the credit crisis has hit Britain, the country's biggest homebuilder has posted a 96 per cent fall in its profits.
In the six months to June, Taylor Wimpey's profits fell from 120 million pounds ($256 million) to just 4.3 million pounds ($9.2 million).
Management at Taylor Wimpey blamed its poor performance on a major hit to the value of its property in Britain, North America and Spain.
Market conditions in the UK have become increasingly difficult as the credit crunch continues to make it more difficult for the British to gain mortgage approvals.
The average selling price of homes in the UK fell 10 per cent in the first half of the year with the company stating that the current operating environment in the UK housing market remains challenging with no sign of recovery in the short term.
