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Receivership for housebuilder Select Developments

Housebuilder Select Developments has been placed in administrative receivership, with analysts blaming the recent dip in the residential property market.

However, joint administrative receivers Julian Pitts and Andrew Dick, both of Leeds-based insolvency practitioners Begbies Traynor, are hopeful that the company’s one outstanding scheme - a development of 24 houses and apartments in Denholme, near Haworth - can be completed.

Mr Pitts said: “We are working closely with Yorkshire Bank to bring about the best possible outcome by completing the development which will provide another 24 competitively priced new homes for the local community as well as securing further work for local trades people.

“The well publicised dip in the property market has contributed to the company’s current problems, however Denholme is a sought-after location and we are confident that the homes in the village will prove popular with local house buyers.”