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Reiterates 2023 operating profit forecast
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FTSE 100 company flags challenging planning environment
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Shares inch up 0.5% in morning trade
Jan 11 (Reuters) - Britain's Taylor Wimpey on Thursday said the housing market remained uncertain in the near term, reflecting a cautious stance ahead of the key spring selling season.
Britain's housing sector is hoping to see some relief as mortgage rates appear to have peaked with markets betting on Bank of England rate cuts later this year, but wider economic challenges have dented hopes of a robust recovery.
Taylor Wimpey joined mid-cap rival Persimmon in underscoring challenging trading conditions in 2024 despite signs of the housing market slowdown easing and refrained from providing any forecast on 2024 profits and build targets.
"Looking ahead, it is encouraging to see a reduction in mortgage rates, however, in the short term, the market remains uncertain and the planning backdrop extremely challenging," CEO Jennie Daly said in a trading statement.
Shares in the company fell 0.5% in morning trade.
The FTSE 100 company reiterated its 2023 operating profit expectations for the year ending Dec. 31 2023.
Taylor-Wimpey said its year-end order book, a key measure in gauging short-term sales performance, excluding joint ventures stood at 1.77 billion pounds ($2.3 billion), compared with 1.94 billion pounds a year earlier.
Analysts at Hargreaves Lansdown said in a note that the message from Taylor Wimpey and Persimmon was that the market remained tough: "Like so much else these days, an awful lot is hanging on the future path of interest rates".
Taylor Wimpey, which also has a minor presence in Spain, said it built 10,438 homes in Britain, including joint ventures, in 2023, within its target range.
The group's finance director Chris Carney told analysts on a call that the company expects the first-half average selling price to be similar to the 320,000 pounds average reported a year ago.
The company expects underlying build cost inflation of about 4% on completions in the first half of 2024.
