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Barratt And Keir Nervous Ahead Of Spring Buying SeasonTwo of Britains housebuilders have confirmed the difficult times in the housing market, noting a shortage of buyers and of mortgage finance. Barratt Developments, however, which sells one in eight homes in the country, in an upbeat trading statement emphasised the benefits of its purchase of Wilson Bowden last year. Rival Keir Group said that the effects of the credit crunch had become apparent in its homes and property businesses, though construction and support services remained strong, partly because of continuing Government spending on health, education and prisons. Barratt was reporting an interim profit before tax and restructuring costs up 14 per cent to £201.8 million. &&&§ionName=IndustrySectorsConstructionProperty,mywindow,menubar=0,resizable=0,width=615,height=655); Related Links Persimmon adds to housing gloom UK housing market close to collapse, analyst says Barratt chief calls for cut in interest ratesMark Clare, the chief executive, said that 2008 had started well, with a strong forward order book, while visitor and reservation levels continued to improve. But trading conditions in the six months to end-December had been tough, particularly during and after September and the collapse of Northern Rock. First-half completions, taking in Wilson Bowden, were almost 26 per cent higher at 9,056. But on a like-for-like basis, stripping out acquisition benefits, they fell by almost 15 per cent. Kier was reporting its own interim figures, with pre-tax profits ahead by 23 per cent to £44.6 million. John Dodds, the chief executive, said that housing order books, however, were 20 per cent lower than at the same time last year, matching a report from a third housebuilder, Persimmon, yesterday. Times are hard in housing, he said. The construction and support services sides are still very strong. There had been little sign of improvement in housing so far this year, he said. Its always difficult during February to gauge what will happen when we get into the so-called spring selling season, he said. Tag CloudExternal InformationAdditional InformationWhat’s Offline: Opportunities Behind Bars...Perella to Buy the Hedge Fund Xerion, an Investor in Troubled Companies... Ambac’s Chief Risk Officer Leaves... New Leader Is Appointed at McAfee... Where Am I?News Main Page - Business - Barratt And Keir Nervous Ahead Of Spring Buying Season |
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