Property firms battle through the housing gloom

Property companies Taylor Wimpey and Rightmove both reported positive financial results yesterday, but warned of sluggishness in the housing market.

Taylor Wimpey, the UK's second-largest house builder, reported a 31 per cent jump in first-half pre-tax profits. Although revenues fell by 28 per cent to £818m following the sale of the group's US and Canadian business, pre-tax profits soared to £28.9m, from a loss of £2.3m in the same period of last year. Pete Redfern, the company's chief executive, said: "Although there is ongoing uncertainty in the wider economic environment, conditions in the UK housing market remain stable."

Separately, Rightmove, the property website,reported profits up by 17 per cent to £28.7m.