Galliford Try expect 7-15% house price drop
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Posted 04 July 2008 @ 11:36 am GMT
Galliford Try said on Friday it expected house prices to drop seven to 15 per cent in the next 12 months.
House prices fall again in FebruaryGreg Fitzgerald, Chief Executive of the construction firm, said, "You could say our forecast assumes prices will reduce by somewhere between 7 and 15 percent from where they are now," reports Reuters.
The company said that it was cutting 245 jobs in its housebuilding division due to a weaker property market. Galliford Try is currently attempting to save £12 million a year.
The company said it expected profit for the year to 30 June to rise at least £60 million from £53 million the previous year. Net debt at the company was reported as being under £5 million.
This article is copyrighted by the International Business Times.
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