Sales rate up at TW as recovery continues

Taylor Wimpey has seen an improvement in its sales rate in the past weeks with house prices staying “resilient” as the market has improved from the challenges at the end of last year.

In a trading statement issued today covering the year to today, the firm said its net private sales rate in the period was 0.75 (2022: 0.97), with a cancellation rate of 15% (2022: 14%). Excluding bulk deals, the net private sales rate for the year so far was 0.66.

Despite this improvement from its March announcement, TW still expects completions for the year to be in the region of 9,000 to 10,500, compared to 14,154 last year, equivalent to an annual net sales rate assumption of around 0.5 to 0.7, with completions more weighted to the second half of the year.

TW ceo Jennie Daly, said: “We have seen continued recovery in demand from the low levels experienced towards the end of 2022, supported by good mortgage availability, and have seen an incremental improvement in sales rate as the spring selling season has progressed. While we remain cautious of continued macroeconomic uncertainty, Taylor Wimpey is a strong and agile business differentiated by our high-quality landbank and experienced teams …