Taylor Wimpey, the UK鈥檚 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 鈥渋nto the New Year鈥�. The firm鈥檚 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 拢165.3m.

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