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Kier has reported that selling prices for its homes have dropped on average 10% to 15% from their peak as the housing market continues to deteriorate.

In an interim management statement issued to the stock exchange today, Kier said its financial performance remains in line with expectations despite the downturn. However, it said its order book of reserved and exchanged units is 60% below the same period last year.

Kier said that its construction division has made a strong start to the new financial year, with a slowdown in the commercial property market being compensated for by continued public sector expenditure, particularly in education.

The firm said its construction order book and pipeline of opportunities at preferred bidder stage remain 鈥渉ealthy鈥�, with over 90% of its expected revenue for the year secured.

In its statement, the company said: 鈥淭he group's financial performance to date is in line with our expectations; cash is strong and we have healthy order books in construction and support services. Barring any further significant setbacks in our markets we are on track to meet our expectations this year.鈥�