"Our teams are working hard on the ground to support our customers through the buying process, underpinned by our strong marketing strategy and the quality and location of our homes, which are driving good levels of interest"
- Jennie Daly - Taylor Wimpey
Taylor Wimpey's has said in its latest trading update that the Spring selling season was “progressing as expected”. During the period, it saw good levels of visitors to its sites and an “encouraging” amount of traffic to its website.
The business still expects its UK completions for 2024 to be in the range of 9,500 to 10,000. More than half of these are anticipated for the second half of the year.
Its net private sales rate for the year to April 21 2024 was 0.73 per outlet per week, a slight dip on the 0.75 of the equivalent period last year. Excluding bulk sales, the rate fell to 0.69 (2023: 0.66).
As of April 21, Taylor Wimpey’s total order book value stood at £2,090m - representing 7,686 homes.
It said that as previously guided, its first half operating profit margin would reflect “slightly lower” pricing in the order book and build cost inflation for work underway of around 4%.
The expected UK completions range compares to the 10,438 of 2023 and 13,773 of 2022. As with other large housebuilders, Taylor Wimpey has experienced an impact on demand due to the economic climate of the past 18 months.
TW said mortgage rates were below “last year’s highs, with good product availability” and added that it was building a strong order book and preparing for growth from next year, market conditions permitting.
Jennie Daly, Taylor Wimpey’s CEO, said: “While we are mindful of ongoing market uncertainty and affordability challenges, it is pleasing to see continued market stability supported by good mortgage availability and sustained customer confidence.
“Our teams are working hard on the ground to support our customers through the buying process, underpinned by our strong marketing strategy and the quality and location of our homes, which are driving good levels of interest.
“Looking ahead, we are confident that we have a strong and resilient business supported by a high-quality, well-located landbank. We remain focused on driving value and investing in the long-term sustainability of the business, and we remain on track to deliver our guidance for 2024 while ensuring we are positioned for growth from 2025, assuming supportive market conditions.”
