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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. Schwarzer's late save secures draw for Australia data: 27.03.08 Goalkeeper Mark Schwarzer saved an 89th-minute penalty to help an injury-depleted Australia side scrape a 0-0 draw against China in their Asian World Cup qualifier in Kunming on Wednesday. 2. Shannon Matthews faces weeks of questioning data: 19.03.08 Shannon Matthews was kept unaware of the massive search for her as she was held captive in a dingy flat for 24 days, it has been disclosed. 3. Tory councillor's son stands against him 'for deserting mother' data: 10.04.08 The son of a Conservative councillor is standing against his father at next month's local elections in revenge for him leaving his mother for another woman. 4. Outrage over cartoons still trying for Danes data: 27.03.08 A cartoonist and his editor, still plagued by their decision to print cartoons of Muhammad, stand by their work. 5. Mikhail Gorbachev admits he is a Christian data: 19.03.08 Mikhail Gorbachev, the last Communist leader of the Soviet Union, has acknowledged his Christian faith for the first time, paying a surprise visit to pray at the tomb of St Francis of Assisi. 6. 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. 7. Heather Mills's 'exaggerated career claims' data: 19.03.08 Heather Mills' 'exaggerated career claims' 8. Kenya opposition urges restraint data: 10.04.08 Kenyan opposition leader Raila Odinga asks his supporters to exercise restraint after talks break down. 9. Setanta talks on possible sale end data: 07.04.08 Setanta Sports, the Ireland-based pay-TV channel, has ended exploratory sale talks after potential bidders demurred from its high price tag 10. Latest Pictures: The 90th anniversary of the RAF data: 07.04.08 Pictures from 90 years of the RAF. 11. Slovakia rows over EU treaty data: 07.04.08 Slovakia's ratification of the Lisbon treaty reforming the European Union could be derailed by opponents of government attempts to push through a controversial media... 12. Towns in south Tuscany suffer from depopulation data: 27.03.08 Off the tourist track in poorer areas of southern Tuscany, whole towns are becoming depopulated, thousands of acres of agricultural land are falling into disuse, and life is becoming more difficult. 13. Bid to restore Iron Cross awakens Germany's angst data: 27.03.08 The painful debate over whether to revive the famed Iron Cross so that German soldiers can be awarded for courage, underscores how far the country's military still is from normality. 14. Youths attack Australian school data: 07.04.08 Several people are hurt after youths armed with bats and a machete attack a Sydney high school. 15. BBC launches iPlayer on the Wii data: 10.04.08 Users of the BBC iPlayer will be able to watch programmes on their televisions as well as their PC under a new agreement that brings the popular catch-up service to the TV for the first time. 16. Britain could be hardest hit by financial crisis, says IMF data: 10.04.08 Britain could be hardest hit by the global credit crisis as banks in this country have racked up bigger losses than anywhere else in the world, a new International Monetary Fund analysis shows. 17. Asian shares drop on concern over bank earnings data: 27.03.08 Bank stocks like Mitsubishi UFJ and Macquarie Group were among the biggest decliners following the bank downgrades, a profit warning from Deutsche Bank and comments from European central bankers that there was no end in sight to the global credit crunch. 18. Gordon Brown appears on American Idol data: 10.04.08 He had snubbed the opening ceremony of the Olympics, but Prime Minister Gordon Brown had no such qualms about appearing on US talent show American Idol. 19. Diana inquest lays blame on driver and paparazzi data: 10.04.08 A jury at a British inquest found Monday that Princess Diana was unlawfully killed by the negligent driving of her chauffeur and photographers who pursued her speeding Mercedes. 20. Richard Hammond: Please let me go home data: 07.04.08 As the nation was going potty over the calamitous launch of Heathrow's Terminal 5, I was stuck in Marrakech airport trying to get back to Gatwick after last week's brief family hols. 21. 'Anti-gay views' JP investigated data: 07.04.08 An inquiry is underway into anti-gay remarks made by a serving magistrate on a BBC Wales documentary. 22. President of Montenegro wins landslide re-election data: 10.04.08 The presidential vote Sunday, the first since independence, dashed the hopes of the Serb minority, who had backed a pro-Serb candidate who might have brought them closer economic and political ties with Belgrade. The two countries have had chilly relations since the breakup. 23. Serbia's neighbours accept Kosovo data: 19.03.08 Three of Serbia's neighbours - Bulgaria, Croatia and Hungary - have announced they will recognise Kosovo. 24. Return of jihadists: Europe's fears subside data: 10.04.08 Intelligence and law enforcement officials say their fears of young would-be fighters from Europe traveling to Iraq and returning more radicalized and better trained were overblown. 25. McLaren breakdown on the way to ball data: 27.03.08 26. City: Virgin to jettison massages data: 10.04.08 Virgin Atlantic's firstclass passengers will be a little less pampered in future - if plans to axe the airline's 280 onboard beauty therapists go-ahead. 27. The need to share a dark secret data: 07.04.08 Felix Dennis has retracted his "confession" but why do people suddenly own up to murder years later? 28. Jean Todt’s talk with the press data: 27.03.08 29. Rivals back Premier League's '39th match' data: 10.04.08 The Premier League's controversial "international round" concept was backed on Wednesday by leading officials from the Spanish and German leagues. 30. Serbia neighbours accept Kosovo data: 19.03.08 Three of Serbia's neighbours - Bulgaria, Croatia and Hungary - have announced they will recognise Kosovo. |