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Tworzenie stron www"A lot of this (macro economic and liquidity risk) is already in share prices... (but) our preference is to wait for another three months or so of data, as by then there will be much more evidence of either a stabilisation in the market or a clear drop in activity," Citigroup analysts said. House builders, in the midst of reporting last year results, are divided on whether the market is showing signs of recovery after its sharp downturn in the final few months of last year. Barratt chief executive officer Mark Clare, on the one hand, said last week the market was improving more quickly than he had expected. He pointed to a 36 per cent rise in property viewings from the second half of last year and a return in the number of people cancelling reservations to the usual level of about 20 per cent. These signs of hope were given a tentative boost last week by official figures. While reporting the smallest rise in mortgage lending for two-and-a-half years, the Bank of England also said that mortgage approvals - an indication of future lending - unexpectedly picked up in January. But other builders such as Galliford and Redrow turned more cautious, as they prepare to spend more on incentives such as part-exchange deals and mortgage assistance to restore falling sales. Persimmon reported a 19 per cent fall in presold homes last week versus a 14 per cent drop in January, while Barratt's forward sales decline was seven per cent versus six per cent in January. A further weakening in house prices - which in January recorded their biggest quarterly fall in at least a decade - would be a big blow to builders, which are under additional pressure from high prices for raw materials. Builders' drive to cut costs, which has been so far centred on reducing labour costs, closing branches and renegotiating terms with subcontractors, will also have only limited impact on improving margins without house price rises, analysts say. "We see the new building sector having difficulties cutting costs as land within cost of sales is essentially fixed or rising, materials costs look likely to rise and he hoped for five to10 per cent cut in labour costs looks hard to achieve," KBC analysts said. Cazenove analysts estimate the impact of lower house prices on builders' bottom line is four times bigger than a volume change, with a one per cent drop in prices cutting operating profits by four per cent. 1. Rich nations seek action on rising food prices data: 07.04.08 Development ministers from the Group of 8 industrialized nations called Sunday for action on high food prices, which they said have hurt developing nations as well as efforts by aid donors. 2. EU set to take cautious step to bolster bank regulation data: 07.04.08 Europe's finance ministers on Friday will set new guidelines on dealing with cross-border banking failures, their first steps since last year's credit crunch to tackle the threat of a systemic financial crisis. 3. United and Barca poised to claim semi-final places data: 10.04.08 Manchester United and Barcelona are favourites to see off AS Roma and Schalke 04 on Wednesday and set up a mouth-watering Champions League semi-final. 4. April snow worst for two decades data: 07.04.08 Britain saw its worst April snowfall for nearly 20 years yesterday as winter returned. 5. Cute animal stories: Send us your favourite data: 19.03.08 It's been a big day for cute animal stories. Telegraph.co.uk wants to hear about any we've missed. 6. Cricket: Pakistan hammer B'desh data: 10.04.08 Mohammad Yousuf hits his 15th one-day international century as Pakistan crush Bangladesh by 152 runs in Lahore. 7. Cypriots are offered a chance to grieve for victims of conflict data: 27.03.08 In Nicosia's buffer zone separating Greek and Turkish Cypriot communities, families can view at last the remains of relatives who vanished in fighting in the 1960s and 1970s. 8. Public sector pensions cost £21bn in taxes data: 07.04.08 Taxpayers are contributing more than £21 billion per year to fund the pensions of public sector workers, according to latest official figures. 9. Fuel costs just part of airlines' list of woes data: 10.04.08 Even before the recent flight cancellations, airlines and passengers were facing a new wave of travel misery. 10. Three share £2.2m Lottery cash data: 10.04.08 Three ticket holders are each £753,154 richer after sharing a £2.2m jackpot in Wednesday's main Lotto draw. 11. Custody for Comoran rebel data: 07.04.08 Ousted Comoran rebel leader Mohammed Bacar is remanded in custody on the French island of Reunion. 12. Afghan suicide attack kills eight data: 10.04.08 A suicide car bomb explodes in the southern Afghan city of Kandahar, killing at least eight civilians, officials say. 13. UK fertility treatment 'among the least safe in Europe' data: 07.04.08 The UK has one of the worst safety records for fertility treatment in Europe, new figures show. 14. Microsoft said to be talking with News Corp. about joint Yahoo bid data: 10.04.08 The combination, which would join Yahoo, Microsoft's MSN and News Corp.'s MySpace, would create a behemoth that would upend the Internet landscape. 15. Gaza gunmen attack border depot data: 10.04.08 Two Israeli civilians and seven Palestinian militants die after a raid on a fuel depot near a Gaza border crossing. 16. Apple in talks with music companies data: 19.03.08 The computer maker proposes a new business model that would give customers free access to its entire iTunes music library in exchange for paying a premium for its devices 17. Su last year data: 10.04.08 Sudoku has furrowed the brow of many a commuter, but will its popularity be usurped by new puzzle kenken? 18. Poll fraud 'hits at democracy' data: 19.03.08 Safeguards to combat voting fraud are 'easily bypassed' because of weaknesses in the registration system, it was claimed. 19. New Labour chief may reject job over debt data: 10.04.08 The crisis engulfing Gordon Brown's leadership has deepened after the man he hand-picked to clean up Labour's finances held back from taking up the job amid fears about the party's £20 million debt. 20. U.S. to cut staff at its embassy in Belarus data: 27.03.08 The United States will cut staff levels at its embassy in Minsk by almost half, bowing to demands from Belarus amid worsening relations between the two countries, the Foreign Ministry said Monday. 21. EU attacks Sri Lanka over rights data: 19.03.08 An EU delegations says it has "serious concerns" about reports of human rights abuses in Sri Lanka. 22. Can the Dalai Lama resign? data: 19.03.08 It's been suggested the Dalai Lama would resign if Tibetans launch an armed struggle with China. But is that possible? 23. Kenya opposition urges restraint data: 10.04.08 Kenyan opposition leader Raila Odinga asks his supporters to exercise restraint after talks break down. 24. Sign our Armed Forces Day petition data: 07.04.08 We call upon the Government to hold an annual Armed Forces Day as a way to honour the soldiers, sailors, airmen and women on active service today. 25. Snow covers London ahead of Olympic torch relay data: 07.04.08 Snow fell across London on Sunday before an Olympic torch relay through the capital that is expected to attract anti-China protests. 26. Female British spy's exploits during World War II are revealed data: 07.04.08 A British spy who helped lead the French Resistance during World War II outfoxed the Nazis by concealing secret messages in the hem of her skirt, according to records unsealed Monday. 27. McCartney Mills full divorce ruling: Extracts data: 19.03.08 In his full ruling on the McCartney divorce, the judge was highly critical of Heather Mills' evidence. 28. Africa advances data: 07.04.08 Scientists dedicated to improving the lives of Africans 29. Wine maker insures nose for £3.9m data: 19.03.08 A Bordeaux wine maker has insured his nose for £3.9 million, the Lloyd's of London insurance market said. 30. Schools 'recycling' incapable teachers data: 07.04.08 Schools are simply "recycling" bad teachers rather than removing them from the classroom, according to a new report. |