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LONDON (Alliance News) - Taylor Wimpey PLC on Monday continued the string of good news from the UK housebuilding sector as it said the market has continued to be very positive and its sales rate has increased in the second half.
FTSE 100-listed Taylor said high levels of customer confidence and demand have been converted into increased sales and healthy sales price growth, boosted by a wide range of mortgage products currently available and tighter lending requirements, keeping monthly payments sustainable and affordable.
Taylor said its sales rates for 2015 to date has been 0.76 per outlet per week, up from 0.66 in the equivalent period a year earlier, with strong sales continuing through the traditionally slower summer period and into the autumn months. For the second half of 2015 to date, Taylor Wimpey said its sales rate was 22% higher year-on-year.
The group said it is fully sold for its projected completions for 2015 and is building its order book. At November 8, it said it was 27% forward sold for its expected 2016 completions. Its current order book stands at 8,546 homes, up from 7,814 a year earlier.
Thanks to the robust market and its strong performance, Taylor Wimpey said it expects its operating profit margin to improve by 200 basis points in 2015.
"As we look forward, we are particularly pleased to see that the tighter lending requirements are helping to ensure that monthly payments remain affordable and sustainable, which contributes towards a healthy outlook for both homebuyers and homebuilders," said Pete Redfern, Taylor Wimpey's chief executive.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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