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Before tax, the company lost £1.54 billion, or nearly £1.35 a share. This time last year it reported a profit of £18.3 million and earnings per share of 3.9p.
The figures come as a result of "very challenging" market conditions in the UK, the US and Spain, the business said.
However, Peter Redfearn, group chief executive at Taylor Wimpey, is confident that the firm's experience of a downturn in the US housing market will place it in good stead to avoid pitfalls in the UK.
"While conditions are likely to remain tough in both the UK and the US in the short term, we are maintaining momentum in the UK and we have seen pockets of stabilisation in the US," he said.
The news follows the announcement from fellow homebuilder Bovis that pre-tax profits had fallen year-on-year from £58.4 million to £9.5 million for the first six months of 2008.
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