Taylor Wimpey, the UK’s largest housebuilder, has warned that the recent financial turbulence is hitting reservation rates.

In a trading update this week, it said that it had seen falls in visitor and reservation numbers in the UK and warned that market conditions were likely to remain subdued “into the New Year”. The firm’s US operations have hit with a cancellation rate of 30%.

The company also announced it had bought back 52.6 million shares for a total of £165.3m.

Meanwhile, contractor Rok warned this week that profit in its development division will be £2m below expectations because of uncertainty in the credit markets, but said building and maintenance performance would cover this.