"Delivering high-quality homes is essential to achieving sustainable economic growth and a thriving society and we welcome the steps the government is taking to unlock the planning system and deliver more homes"
- Jennie Daly - Taylor Wimpey
Taylor Wimpey says it expects to deliver volumes towards the upper end of its guidance range of 9,500 to 10,000 homes in FY24, and to deliver group operating profit of £416 million in line with current market expectations.
In its latest trading update, Taylor Wimpey said that it has seen steady signs of improvement in customer demand during the second half of the year as mortgage rates reduced and affordability improved.
It stated: “Whilst there was some uncertainty ahead of the Budget, we remain on track to deliver UK volumes in line with previous guidance and group operating profit in line with current market expectations.”
Net private sales rate per outlet per week in the period was 0.70, up from 0.51 in 2023, with a cancellation rate of 17% (2023: 21%). Excluding the impact of bulk deals, the firm has achieved a net private sales rate of 0.68 (2023: 0.48).
As of November 4 2024, TW’s current total order book (excluding joint ventures) stood at around £2.2bn. In 2023 this was around £1.9bn), representing 7,716 homes.
In the second half to date, the firm operated from an average of 209 sales outlets (2023: 231). At the year end the firm expects to be operating from just over 200 outlets.
Jennie Daly, Taylor Wimpey’s CEO, said: "We're pleased with the progress and performance of our business in the second half to date. Our teams have continued to work extremely hard on the ground, supporting customers through their buying journey and delivering an improved sales rate - thanks to the quality of our sites and locations, and our focus on operational excellence.
“Delivering high-quality homes is essential to achieving sustainable economic growth and a thriving society and we welcome the steps the government is taking to unlock the planning system and deliver more homes.
“Looking ahead, we continue to expect to deliver full year 2024 UK volumes towards the upper end of our guidance range of 9,500 to 10,000 homes. Underpinned by a strong balance sheet, well-located landbank and highly experienced teams, we are well positioned for growth from 2025, assuming supportive market conditions."
