House builder Taylor Wimpey has reported a loss of £7.3 million in the first six months of this year, compared with profits of £63.4 million a year earlier.

After a drop in house prices the company was forced to write down the value of land and work.

However, the company said it is beginning to see stability in housing markets in the UK, and was confident of opening approximately 40 new sites in the second half of this year.

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Chief Executive Pete Redfern said: "The last two years have been incredibly challenging for all housebuilders. However with significant underlying improvements in our business and encouraging signs of stability in the UK and North America, the group is well positioned for the future."

Net debt at the period-end was reduced to £1.03 billion from £1.675 billion.

(CD/KMcA)