South-east housebuilder Croudace Homes fell £21.5m into the red in 2008 after land writedowns of £18.7m
The pre-tax loss compares with a profit of £32.6m in 2007; turnover was down 27% from £98m to £71.6m.
Private sales totalled 231 (2007: 318) at an average selling price of £250,200 (£280,000). It completed 123 housing association units compared with 76 in 2007 at an average selling price of £112,200 (£115,000).
A company statement said: “This 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.”
The company, which was almost bought last year by Hyde Housing Association, ended the year with net assets of £75.1m compared with £99.6m in 2007.
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