Housebuilders heading for big writedowns

Housebuilders could see big asset writedowns as they are forced to reconsider the value of their land holdings in the wake of the downturn.

The writedowns are expected to come in the next few weeks, during next month's half-year reporting season, according to the Financial Times.

The paper said that some developers were privately admitting that they would struggle to make a profit on sites they have bought in recent months.