Taylor Wimpey’s shares reacted positively to the Bank of England’s further cut in official interest rates by 0.5% to 1.5%, closing up 9% to make it one of the biggest upward movers on the stock market in percentage terms.
The cut is expected to further encourage foreign buyers into the London property market. Savills said foreign buyers were already flooding the market as they capitalised on sterling’s weakness.
Knight Frank noted Americans and Europeans had become increasingly visible although viewings had not yet translated into sales. It said the biggest impact of the currency shift had been in the more international “super-prime” market for homes worth more than £10m.
09/01/09 Financial Times 1, 4, 10, 11, 15, 34-35
Times 2, 6-7, 45, 46
Daily Telegraph 1, 4, B1
Guardian 6-7, 27
Independent 1, 6-7, 40, 51
