Taylor Wimpey on track to deliver 10,000 homes this year

Despite previous uncertainty around the Budget, Taylor Wimpey is set to deliver 10,000 homes in 2024. The housebuilder said in a trading statement this morning that it expects to deliver an operating profit of £416m, in line with current market expectations. It said that it has a net private sales rate per outlet per week of 0.70, up from 0.51 in 2023, with a cancellation rate of 17%, down from 2023’s 21%. Its total order book stood at £2.2bn as of 4 November, up from around £1.9bn a year ago, representing 7,716 homes, up from 7,042 homes in 2023. Taylor Wimpey said it has been “active and opportunistic in reviewing land opportunities” during the year, and in the weeks leading up to the recent Budget in terms of seeking opportunities. Its year-to-date approvals are up 267% to 11,000 plots, up from 3,000 plots in 2023. It expects to end the year with net cash of £500m, subject to the timing of land purchases in the remainder of the year. The firm welcomed the government’s focus on addressing housing supply and unlocking the planning system which it said would have “positive implications for the supply of land over the medium term”. Jennie Daly, Taylor Wimpey chief executive, said: “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. “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.” Photo © NEIL HALL/EPA-EFE/Shutterstock