Wimpey hit by further downturn in conditions

The UK’s biggest housebuilder today warned of worsening market conditions as buyers are squeezed out by dearer mortgage deals.

Taylor Wimpey said orders since January were 26% below last year, with trading falling off since March’s full-year results as investors and first-time buyers face particular difficulties.

The group, which sells homes under brands including George Wimpey and Bryant Homes, said: “We anticipate that the current subdued conditions will continue, with interest rates and mortgage availability being key determinants of customer confidence.”

Shares in the group fell more than 4% as the company also braced investors for profits at the “lower end” of expectations this year.