Housing slowdown in America overshadows strong performance in the UK for housebuilder
Wimpey has been badly affected by the slowdown in the US housing market.
The housebuilder announced that it had written down 2.5% of its assets and sold 20% of its land in America as a result of falling prices and an oversupply of homes. It said it had suffered a cancellation rate of 50% for the second half of the year.
In a trading statement the company said: “Trading conditions in the US have continued to be poor."
The news cast a shadow over a strong performance in the UK. Wimpey said it had increased operating margins in a stable market and had increased its forward order book by 11% to £763m.