nice starting point..

I went short on Monday and see no reason to close.

Adde a few more just now for the SIPP. Everybody seems to have forgotten the huge housebuilding targets set by the last Gov. and the need hasn't gone away even if the money, temporarily, has.

More unemployment to come with a big cut in government jobs announced today. Certain areas are going to be badly hit, imo. More downside to come in the middle & lower housing sectors. Top end of the market (new build & existing) seems to be fairly resilient.

UK Housing Industry Slams Government's Spending Cuts

Today : Wednesday 20 October 2010
The housing industry slammed planned spending cuts to social housing outlined by U.K. Chancellor George Osborne in his Comprehensive Spending Review Wednesday because it will limit the number of new low-cost homes built and cost tenants more to live in them.

Chancellor Osborne said the coalition government will build 150,000 affordable new homes over the next four years despite cutting the housing budget to GBP4.4 billion over the period from GBP8.4 billion over the previous three year period.

Osborne, who set out to tackle the U.K.'s mounting debt burden, laid out plans to cut the taxpayer funding of social housing.

The U.K. coalition government said that while rent levels and terms in social housing will remain unchanged, new tenants will be offered intermediate rents at around 80% of the market rate, which should help pay for building the 150,000 homes over the next four years.

The National Housing Federation slammed the decision to cut the affordable house building budget and said that charging "new social housing tenants up to 80% of the market rate could trap thousands of social housing tenants in a lifetime of poverty, provide a strong disincentive to work and increase dependency on benefits."

The NHF, which represents 1,200 not-for-profit housing associations, calculated that average social housing rents, currently at around GBP85 per week for a three-bedroom home, could triple to GBP250 a week.

The cuts come at a time when some 4.5 million people in England are currently waiting for a social home and the number of homes being built has slumped to its lowest level since the Second World War with just 113,000 built in 2009/10.

All the U.K.'s listed house builders are involved in building low-cost homes for government programs, even if it makes up a small part of their overall portfolio.

Shares of the U.K.'s largest house builders were little changed following the chancellor's speech. At 1230 GMT Persimmon PLC (PSN.LN) shares were down 3 pence, or 0.7%, to 3.67 pence, Taylor Wimpey PLC (TW.LN) fell 1 pence, or 2.3%, to 25 pence and Barratt Developments PLC (BDEV.LN) fell 2 pence, or 2.4%, to 86 pence.

"The housing industry has been preparing itself for the worst for some time, so while the cuts outlined today are not welcome, nor are they a surprise," said head of residential research at property consultancy CB Richard Ellis, Jennet Siebrits.

She added that "there is now an opportunity for the private sector to step in and provide suitable housing where it is most needed. The private rented sector will have a critical role to play."

Still, the cuts will increase the pain felt by first time buyers, who have been hit by the lack of mortgage finance in the recession, as it will close another avenue to own a home. First-time buyers, who are key to a recovery in the housing market, still have to meet tight lending criteria and high house prices.

The U.K. government also said it will give more power to local communities, which could hurt house builders. "This could result in poor planning decisions and/or the hi-jacking of the planning process by local pressure groups," said CBRE's head of national planning, Ian Anderson.

TW in auction.

RNS Number : 7751U

Barratt Developments PLC

21 October 2010

NOTIFICATION OF DIRECTORATE CHANGE IN ACCORDANCE WITH LISTING RULES 9.6.14R and 9.6.11

Barratt Developments PLC (the "Company") announces that in light of his appointment as a Non-Executive Director and Chairman Designate of St. Modwen Properties PLC with effect from 1 November 2010, William Shannon has resigned as a non-executive director of the Company with immediate effect.

CREDIT SUISSE below 5%

Interim Management Statement.

Highlights



Underlying selling prices remained stable during the period

Total average selling price ("ASP") on completions increased by c. 9% to 180,000, with private ASP increasing by c. 12% to 194,000, driven by changes in mix

Total completion revenues increased by c. 9%

Net private reservations per active site per week were down in the period at 0.45 (2009: 0.55), reflecting weaker customer sentiment

Total forward sales were in line with the prior year at 870.9m

Success in signing large scale partnership agreements

closed my short today (for now).

....for a profit? Cashed in few myself today but I'll be a buyer on any fall back.

Yes I went short @90. I'm still long TW. (as posted previously)

Reasonable volume.

Got a long way to go for me 1.44 I paid and my friend has even further 3.50 so it is a real ouch for us, hope we live long enough to retrieve our money.

This is the beginning of the climb.

I believe so bro.

Pity you didn't point that out at 70p.

(Don't you get fed up having to keep logging in and out with your different aliases? Must be a real nuisance).

Are you speaking to me..?

Two birds with one stone.

Take a look at the AVN thread, ta.

I have.

Crack on then, won't take you long to switch logons back to Hlyeo.