Wilson Bowden says end of year results will be in line with expectations and that it will complete 5,000 homes in 2004.
The slowdown of the housing market has continued into the second half of 2004 according Wilson Bowden. The housebuilder announced in a trading statement that it would deliver full year results in line with expectations but said that house prices had “softened” in the second half of the year and that its average selling price would be little changed from 2003.
Ian Robertson, chief executive of Wilson Bowden said: “The housing market has reverted to a more normal seasonal pattern and buyers are taking longer to commit a purchase.”
Despite the cooling of the housing market Wilson Bowden says it would deliver a record set of results for the year-end 2004, and predicted that it would complete over 5,000 units.
In response to weakening demand the company said it reduced its overall level of spending and would adopt a cautious approach to purchasing land.
The company said it would have 12% more sites in 2005 but said the confidence of buyers in the spring selling season would determine success next year. Average units sizes should shrink slightly in 2005 to reflect the change in market demand.