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Taylor Wimpey mulls land bank sale as it looks to refinance - Telegraph

Chief executive Peter Redfern and finance director Christopher Rickard told analysts that debt discussions with the group's banks so far had been a "tad disappointing", causing the shares to tumble 19pc.

Mr Refern and Mr Rickard added that if the group does agree refinancing it was talking to providers of equity capital and may also consider selling parts of its UK land bank. They also revealed the company is to meet eurobond advisers later this week.

In a downbeat trading update, the group revealed that the decline in the UK property market has worsened and did not expect any recovery in the UK in the near future despite the recent 1.5 percentage point cut in interest rates.

The group said 165 new homes were being reserved each week – 27pc less than in the second half of 2007 and the first half of 2008 when the credit crisis had already begun.