TW in line with expectations in uncertain market

Taylor Wimpey expects its full year operating profit to be at the top end of its expectations, but the volume housebuilder warned today (January 11) that the short term market outlook remained “uncertain”.

Issuing a trading statement for its year ending December 31 2023, the business said it anticipated group operating profit to be at the top end of £440 million to £470 million, against 2022’s £923.4 million.

During its financial year, Taylor Wimpey achieved 10,438 UK home completions, down 24% on the previous year.

Its net private reservation rate was 0.62 homes per outlet per week, slightly down on 2022’s 0.68. But excluding bulk deals, the sales rate was 0.54 compared to last year’s 0.65.

The company’s private average selling price rose 5.1% to £370,000. It traded from an average of 238 outlets in 2023 against last year’s 232, ending the year with a total of 237 outlets (31 December 2022: 259).

Taylor Wimpey said it ended the year with a lower order book, valued at £1,772 million (December 31 2022: £1,941 million). This represented 6,999 homes (December 31 2022: 7,499 homes).

It added that while it was too early to judge customer behaviour in the …