Taylor Wimpey’s chief executive has warned that it could be five years before house building returns to pre-recession levels after the company was forced to write down the value of its land bank in the UK by £445m, despite increasing optimism about the state of the market.

Pete Redfern said the UK housing market is likely to see a 'slow, gradual recovery' and that recent rises in house price indices, underpinned by low supply, “do not yet constitute a convincing trend”. December to 19%. However, UK housing revenue in the six months to June 30 was down 36% year-on-year to £744.4m. This was due to a lower number of houses sold – 4,702 against 6,317 – and a lower average selling price of £153,000 against £177,000.

Daily Telegraph