South-east housebuilder Croudace Homes fell 拢21.5m into the red in 2008 after land writedowns of 拢18.7m

The pre-tax loss compares with a profit of 拢32.6m in 2007; turnover was down 27% from 拢98m to 拢71.6m.

Private sales totalled 231 (2007: 318) at an average selling price of 拢250,200 (拢280,000). It completed 123 housing association units compared with 76 in 2007 at an average selling price of 拢112,200 (拢115,000).

A company statement said: 鈥淭his year will be difficult and sales of dwellings will be 15-20% lower than in 2008. Margins will be greatly reduced as prices are adjusted to stimulate sales.鈥�

The company, which was almost bought last year by Hyde Housing Association, ended the year with net assets of 拢75.1m compared with 拢99.6m in 2007.

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