The West Midlands-based company brushed aside the slowdown in the United States after completions in the UK lifted 1.4% to 8,294 in 2006 and the average selling price jumped 4.3% to 193,000.
Woodrow said UK sales remained good in the second half of the year despite rises in interest rates in August and again in November to the current five-year high of 5%.
However, it warned: ‘Customer confidence could be damaged if further interest rate rises materialise in 2007.’
The Bank of England is expected to leave interest rates on hold tomorrow but economists believe the cost of borrowing could rise to 5.25% next month.
Woodrow said the housing market in the US ‘weakened considerably in 2006′ as rising interest rates and concerns over affordability damaged confidence.
The company, which also has operations in Spain and Gibraltar, said home completions across the group were up 5.2% to 13,165 last year. ‘Overall, we anticipate full year results to be at the top end of expectations,’ Woodrow said.
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The West Midlands-based company brushed aside the slowdown in the United States after completions in the UK lifted 1.4% to 8,294 in 2006 and the average selling price jumped 4.3% to 193,000.
Woodrow said UK sales remained good in the second half of the year despite rises in interest rates in August and again in November to the current five-year high of 5%.
However, it warned: ‘Customer confidence could be damaged if further interest rate rises materialise in 2007.’
The Bank of England is expected to leave interest rates on hold tomorrow but economists believe the cost of borrowing could rise to 5.25% next month.
Woodrow said the housing market in the US ‘weakened considerably in 2006′ as rising interest rates and concerns over affordability damaged confidence.
The company, which also has operations in Spain and Gibraltar, said home completions across the group were up 5.2% to 13,165 last year. ‘Overall, we anticipate full year results to be at the top end of expectations,’ Woodrow said.
Other stories:
Share tips - best of the rest
Woodrow hails housing market recovery
Bidders circle homes builder
This entry was posted
on Wednesday, January 31st, 2007 at 3:31 pm and is filed under Stocks.
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.