British housebuilder Bellway today said the Midlands, Yorkshire and the North West were being “particularly hard hit” in the housing market slowdown.
The group said overall reservations were down 31% on a year earlier and that it had lowered its estimate for the fall in number of homes sold this year to between 10% and 15%, compared with 5% to 10% seen earlier this year.
In line with other British housebuilders, Newcastle-based Bellway said the normal spring selling surge had failed to materialise. It reported a 9% fall in reservations in March, but has seen conditions deteriorate since then.
The company added: “Whilst conditions vary from region to region, the Midlands, Yorkshire and the North West have been particularly hard hit.
“Thames Gateway and Scotland have been resilient but the restricted mortgage supply, combined with a sapping of consumer confidence, is leading to further market weakness.”