Yorkshire housebuilder hit by property market dip

YORKSHIRE-BASED housebuilder Select Developments (UK) has gone into administrative receivership after being hit by the dip in the residential property market.

Julian Pitts and Andrew Dick of insolvency practictioners Begbies Traynor have been appointed joint administrative receivers to the Ilkley-based company, which was founded in 2002.

Select Developments currently has one site under construction in the village of Denholme, near Haworth, which will consist of 24 houses and apartments.

Mr Pitts of business rescue, recovery, and restructuring specialist Begbies Traynor in Leeds, 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.”

He added: “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.”