Taylor Wimpey cast a rare ray of sunshine on the embattled housebuilding industry yesterday after the group all but called the bottom of the market.

The group reassured its own investors and the wider market by suggesting that prices had levelled out, cancellation rates were past their worst and that it might even begin to open new sales outlets. The company is also eyeing further land purchases.

In a trading statement alongside its annual meeting, held yesterday, the group said that, despite some regional variations, there had been 'continued stability' in the UK housing market since it reported annual results on April 30.

The Times (Sat)