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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Sunday 29th June 2008
As the housing crisis looks to claim another victim in the shape of former £5 billion powerhouse, Taylor Wimpey, it has been reported that the company is in talks with shareholders about a last ditch £500 million cash injection to literally keep the company afloat. Such has been the downturn in the housing market that these two heavy weights are struggling as a combined unit.
The company is expected to give an update on current trading on Wednesday and there are concerns the group will announce a major downgrade of the current land bank. Again, like so many in the sector, Taylor Wimpey seems to have been caught out by the pace and severity of the downturn and the sudden drop in house prices and land values.
Caught in a classic pincer movement the group has seen business evaporate and debt creep higher with little likelihood of a short term improvement in the market. As more and more housing groups come forward for desperate cash injections there will come a point when the markets will refuse to provide additional funding but it seems unlikely that this will happen with Taylor Wimpey. Quite where it is all going to end for the housing sector remains to be seen. |
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