LONDON, August 27, 2008 (AFP) - Home builder Taylor Wimpey said Wednesday that it suffered a massive first-half net loss of 1.419 billion pounds because of 'challenging' housing markets in Britain, Spain and the United States.

Taylor Wimpey, which operates across all three countries, said in an earnings release that deteriorating property sectors had forced the group to write down the value of its land.

The net loss, equivalent to 1.8 billion euros or 2.6 billion dollars, was recorded in the six months to the end of June, the group said. That compared with a net profit of 22.7 million pounds in the same period of 2007.

Taylor Wimpey also faced a pre-tax loss of 1.542 billion pounds in the first half, which contrasted with a pre-tax profit of 18.3 million last time. Revenue grew 35 percent to 1.89 billion pounds.

'The first half of 2008 has been characterised by the very challenging trading conditions in the UK, US and Spain,' said group chairman Norman Askew in comments accompanying the release.

Taylor Wimpey, like all British housebuilders, is battling a slump in the domestic housing market. The firm said last month that it would axe 900 jobs in Britain in a bid to cut costs.

The group had failed last month to secure a refinancing package that would have raised new capital from existing and potential investors.