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UK House Prices Stable Says Country's Biggest Housebuilder

House prices in the UK are likely to remain stable for the rest of the year, barring any major economic shocks, Pete Redfern, chief executive of Taylor Wimpey, the UK's biggest housebuilder, told CNBC Wednesday morning.

Construction worker in New York City.
Oliver Quillia for CNBC.com
Construction worker in New York City.

"We have seen very stable markets but stable means flat," Redfern said.

"From our business's point of view, we are quite comfortable with that as it's quite a good opportunity for land investment."

He said that he feels "reasonably positive" about the business.

"We have seen some small improvements in mortgage availability for first-time buyers and we do have some sense of it (the mortgage market) starting to ease," he added.

Taylor Wimpey , which was created from the mega-merger of Taylor Woodrow and George Wimpey in July 2007, just before the credit crisis hit, had a difficult couple of years but reported improved profits for the first half of the year Wednesday, after selling off its North American business.

Revenues fell 3 percent from the first half of 2010, to 817.8 million pounds ($1.3 billion). Operating profit rose 31 percent to 67.2 million pounds.

The sale of its North American business reduced Taylor Wimpey's debt pile by around 75 percent to 166 million pounds.

The average selling price of a Taylor Wimpey home in the UK remained flat at £168,00 for the half year.

Last week, the Nationwide House Price Index indicated that UK house prices edged up slightly in July, although the total number of transactions for the quarter was the lowest for two years.