* To pay out 250 mln stg in 2014-2015, more from 2016
* FY pretax profits rise 48 pct to 268.4 mln stg
* Completes 11,696 homes in 2013
By Brenda Goh
LONDON, Feb 26 (Reuters) - Shareholders in Britishhousebuilder Taylor Wimpey are set to pocket an extra 250million pounds ($417 million) in dividends over the next twoyears, benefiting from a housing market recovery that hasboosted builders' profits.
Taylor Wimpey Chief Executive Pete Redfern said on Wednesdaythe special dividends - which are on top of regular payouts -were likely to be just a start, as the firm tempers purchases ina land market which he said was starting to heat up.
That's good news for the shareholders, but could anger manyfirst-time buyers who argue that a shortage of supply is drivingup the cost of new homes to unaffordable levels.
British house prices rose by 8.4 percent in 2013, mortgagelender Nationwide said in January. A Reuters poll of 27economists and analysts forecast house prices would rise byanother 7 percent this year.
Taylor Wimpey said it would pay a 50 million pound specialdividend in July 2014 and another 200 million pounds in July2015, with plans for more after that.
"It isn't just a 2014, 2015 event - we see it as being anongoing part of the strategy," Redfern told Reuters. "We do seethe 200 million pounds that we are proposing for 2015 as being asignal of the rough (annual) size."
Taylor Wimpey also increased its regular full-year dividendto 0.69 pence a share from 0.62 pence in 2012.
Other housebuilders have also announced similar big payoutsto shareholders. Persimmon on Tuesday brought forwardits 1.9 billion pound distribution plan, while Berkeley Group accelerated a dividend payout to shareholders inDecember.
Britain's housing market recovery picked up last year afterthe government launched a scheme to help struggling house buyersto obtain mortgages, shoring up demand for the homes built bythe likes of Taylor Wimpey but leading some economists to fretabout the possible emergence of a house price bubble.
Taylor Wimpey said its profit before tax and exceptionalitems for the year to Dec. 31 rose 47.6 percent to 268.4 millionpounds, with revenue up 13.7 percent to 2.3 billion pounds.
The company was expected to post pretax profits of 254-331million pounds, a Thomson Reuters survey of 14 analysts showed.
Taylor Wimpey's order book at Feb. 23 stood at 1.49 billionpounds. It completed 11,696 homes over 2013, and said it hadsold about 55 percent of its expected 2014 completions.
Panmure Gordon analyst Mark Hughes said that while TaylorWimpey's results and dividend plans were positive, the stock andsector had had such a strong run that investors were now lookingto take profit.
At 1015 GMT, Taylor Wimpey shares were down 3.7 percent at123.1 pence, compared with a 2.5 percent decline in the ThomsonReuters UK Housebuilding Index. That index hassurged by 57 percent over the past year.