UK housebuilders wary over second half prospects

British housebuilding giants Taylor Woodrow and George Wimpey warned today they expected “less buoyant” market conditions over the rest of this year.

The cautious updates, reflecting the impact of interest rate rises on consumer confidence, came ahead of a £5bn (€8bn) merger involving the two firms.

Despite the predicted tougher market conditions in the UK, Wimpey and Woodrow said cost reduction and margin improvement plans should still lead to an improved underlying performance for the combined UK business.