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M&S toughs it out

Retirement builder McCarthy & Stone said it was well placed to tough out the slower housing market in a trading update this morning.

The firm said: 'The market continues to be tougher than the group has experienced in recent years but the board is encouraged by visitor levels. The board continues to believe that the fundamentals of the housing market remain sound and that McCarthy & Stone is well placed to benefit when the market improves.'

In a previous update the company had warned that the completions could fall 10 per cent, but greater use of sales incentives had reduced completions by just 3.5 per cent.

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