TW on course for completions and profit in 2024

Taylor Wimpey says it expects to deliver volumes towards the upper end of its guidance range of 9,500 to 10,000 homes in FY24, and to deliver group operating profit of £416 million in line with current market expectations.

In a trading update issued today, TW said that it has seen steady signs of improvement in customer demand in the second half of the year as mortgage rates reduced and affordability improved. “Whilst there was some uncertainty ahead of the Budget, we remain on track to deliver UK volumes in line with previous guidance and group operating profit in line with current market expectations.”

Net private sales rate per outlet per week in the period was 0.70 (2023: 0.51) with a cancellation rate of 17% (2023: 21%). Excluding the impact of bulk deals, TW has achieved a net private sales rate of 0.68 (2023: 0.48).

For the year to date, it has achieved a net private sales rate of 0.73 (2023: 0.63), with a cancellation rate of 15% (2023: 18%). Excluding the impact of bulk deals, net private sales rate was 0.68 (2023: 0.57).

As at November 4 2024, TW’s current total order book excluding joint ventures stood …