Housebuilders Wilson Bowden and Wilson Connolly have welcomed the slowdown in the housing market.
Wilcon group managing director John Tutte said the recent drop in house prices was good for the sector: “It is always better to work within a stable marketplace.”
Wilcon’s pre-tax profit rose 48% to £30m in the six months to 30 June, reflecting the firm’s move into higher priced homes. Wilcon sold fewer houses but their average price rose 41%. Turnover was up 32% to £252m.
Announcing its interim results, Wilson Bowden chairman and chief executive David Wilson said the slowdown would preserve the industry’s long-term prospects. He added: “That the UK housing market is cooling off is neither unexpected nor unwelcome.”
The firm reported record pre-tax profit of £51.7m for the half-year to 30 June, up from £40.8m. Turnover rose £46m to £308m.