Today's Newspaper Headlines - 3rd July 2008Today's Newspaper Headlines - 3rd July 2008
Financial Times
Britain facing most severe consumer downturn since the 90s, says Sir Stuart Rose - M&S shocks City with profits warning and Taylor Wimpey fails to secure new finance sending pound lower and deepening gloom over the financial markets. Three of the large listed housebuilders lost more than 20pc of their value as TW failed to secure support for £500m of new shares. This could leave banks in control of UK’s largest housebuilder, p1
Newly appoint deputy governor of the BoE, Charles Bean issues warning over inflation, p3
Ministers release plans to prop up the ailing housing market – public sector clients to pay more upfront; help for housing associations to find property developers cant sell privately; £270m cash injection for HAs to deliver more homes for social rent and shared ownership – moves follow TW et al shares collapse with money to come out of existing 3 year affordable housing programme, p5
Falling house prices will do little to improve affordability of homes for too many people says NHPAU. Even a 15pc drop would only make temporary dent in long-term housing demand due to population trends. Study calls for construction of £500,000 more homes above Government targets by 2020, p5
Housing equity withdrawal was weakest since 2001 in the first quarter of this year says BoE, p5
US housing slump likely to persist, p8
Companies
Taylor Wimpey and Barrett p, 21
Bleak prospects push sterling lower, p40
Daily Telegraph
Equity withdrawal from homes at a 7 year low, p4
1.8m take out personal loans to pay for housing – moneysupermarket.com, p4
Business
Taylor Wimpey in search of fresh funds as shares plummet, B1
Housing woes shake economy’s foundation - housing Minister Caroline Flint immediately announces measures to support market. Two year share price picture for TW, Redrow, Bovis, Berkeley, Bellway, Barratt. B5
HIPs - estate agent Douglas & Gordon says that out of 7,000 registered buyers since HIPs introduction, on 16 have asked to see it, B5
The Times
M&S and Taylor Wimpey plight. Charlie Bean’s warning over inflation, p1
Firesale beckons as Taylor Wimpey fundraising fails, p36
The Independent
‘Good news on house prices at last’ as negative equity hits the Blairs in Connaught Square, p3
The housing slump: winners and losers – sharpest price falls among flats, semi-detached and detached homes; terraces and bungalows remain resilient. Buy-to-let sector is especially vulnerable to a downturn, p3
Taylor Wimpey, p37/39
Sharp fall in equity release by homeowners – Global Insight, SHIP, p39
Guardian
Housebuilding crisis deepens as investors shun £500m Taylor Wimpey rescue package, p22
Daily Mail
There’s a year of hardship ahead, p2
Daily Express
Home owners set to ride out the slump with fresh hope of protection against falling prices. Report says that prices would have to plummet more than half for most homeowners are hit with negative equity, p16
Taylor Wimpey share decline, p51