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(Alliance News) - Taylor Wimpey PLC on Tuesday said the Spring selling season is progressing as expected, allowing it to confirm its guidance for 2024.
The Buckinghamshire-England housebuilder is holding its annual general meeting on Tuesday.
Ahead of that, Taylor Wimpey said its net private sales rate from the start of the year year to this past Sunday was 0.73 per outlet per week, down from 0.75 a year earlier, with a cancellation rate of 13%, down from 15%. Excluding bulk sales, its net private sales rate rose to 0.69 per outlet per week from 0.66.
Traffic to its website was "encouraging", and there are "good levels of visitors to our sites despite some market uncertainty and affordability challenges for some customers", the company said.
Lenders continue to be "supportive" and mortgage rates "remain competitive" and below last year's highs, Taylor Wimpey added, with "good" product availability.
As of April 21, Taylor Wimpey's order book stood at GBP2.09 billion, representing 7,686 homes. This is down from GBP2.38 billion and 8,576 homes a year earlier.
"We have made a good start to 2024 with the Spring selling season progressing as expected. 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," said Chief Executive Officer Jennie Daly.
"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, Taylor Wimpey said it remains focused on prioritising value over volume, building a "strong" order book and positioning for growth from 2025, "assuming supportive market conditions".
It continues to expects 2024 UK completions, excluding joint-ventures, of between 9,500 to 10,000 homes, with completions weighted 55% in favour of the second half of the year.
"As previously guided, first half operating profit margin will reflect slightly lower pricing in the order book and build cost inflation embedded in work in progress of around 4%," the company said.
"Looking ahead, we remain well positioned in an attractive market with significant unmet demand. Our strong landbank and clear strategy enable us to build high-quality homes, create thriving communities and drive value for our stakeholders through the cycle and into the long term."
Shares in Taylor Wimpey were up 0.8% to 133.24 pence each in London on Tuesday morning.
By Greg Rosenvinge, Alliance News senior reporter
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