Taylor Wimpey hails 'good start' to 2024 as market stabilises

(Sharecast News) - UK housebuilder Taylor Wimpey said it has made a solid start to the year with the market continuing to stabilise, with good levels of visitors to selling sites. At the group's annual general meeting on Tuesday, chief executive Jennie Daly is expected to report the company has seen "continued market stability supported by good mortgage availability and sustained customer confidence".

"We have made a good start to 2024 with the Spring selling season progressing as expected," Daly said. "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."

The Spring selling season is said to have progressed as expected, with net private sales for the year to 21 April at 0.73 per outlet per week. This was down slightly from 0.75 a year earlier, but cancellation rates have fallen to 13% from 15%.

The total order book value stands at £2.09bn, down from £2.38bn a year earlier, representing 7,686 homes, compared with 8,576 previously.

"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," Daly said.

Taylor Wimpey continues to expect UK completions to be in the range of 9,500 to 10,000 excluding joint ventures, with numbers slightly weighed to the second half.