Taylor Wimpey reports promising start to 2013

Aaron Morby 5 years ago
Share

House builder Taylor Wimpey said it was confident about prospects for 2013 as trading and lending showed signs of improvement.

Peter Redfern Taylor Wimpey

The firm said that two weeks into 2013, consumer sentiment towards the housing market was more positive than it had seen for several years.

The house builder, which is jostling shoulder to shoulder with Barratt to be Britain’s biggest house builder, said it had delivered a 40% uplift in operating profits in 2012.

Margins hit double digits ahead of schedule and the firm is cautiously buying land using proceeds from the sale of its US house building arm.

Pete Redfern, chief executive, said: “As we look forward to 2013, we are confident that we will continue to deliver against our key objectives and target further improvement.”

Taylor Wimpey started this year with a substantial order book of £948m, 14% up on last year and representing  5,966 homes, nearly 600 more homes than the same time last year .

But it said it remained focused on prioritising both short and long term margin performance ahead of volume growth.

Using Government initiatives to stimulate house building, Taylor Wimpey helped customers buy 1,203 homes under the Government’s FirstBuy scheme and 546 homes under the NewBuy and MI New Home schemes.

The house builder also won additional FirstBuy funding for use on selected sites.

In a pre-results trading statement, the house builder said that while mortgage availability remained restricted, some major lenders had recently reduced their rates, a trend it hoped would continue as the Funding for Lending scheme gained traction.

“Subject to ongoing stable market conditions, we anticipate a natural growth in completions in 2013, as our strong order book, land acquisition strategy and planning approvals on strategic sites organically increase our outlet numbers,” he added.

Latest news

Plans in for £400m Kent housing scheme

Medway's 1,400-home Rochester Riverside plan submitted
2 hours ago

Hotel contract row forces Primus into CVA

Contractor set up by former Multiplex boss Martin Tidd faces cash flow crisis
1 day ago

Manchester’s tallest building set for green light

Allied London's most ambitious scheme so far set for approval
1 day ago

Morgan Sindall hunts top talent at virtual jobs fair

Construction & Infrastructure division takes careers event online to boost diversity
1 day ago

Landmark VAT ruling on student rooms projects

Tax tribunal overturns HMRC’s VAT policy on student accommodation
1 day ago

Grenfell cladding fire test verdict due next week

Government slashes estimate of residential blocks at risk from 600 to 208
1 day ago

£100m East Riding prison gets green light

Category C jail to be built next to HMP Full Sutton, near York
1 day ago

GSK scraps £350m Cumbria pharma plan

Pharma giant will invest extra £140m existing facility expansion
1 day ago

Specialists land first trade packages at huge Berkeley site

Main construction starts on 88-acre Southall Waterside site
2 days ago

Electrification plans scrapped on three major rail routes

Contracts worth millions axed as Government switches focus to new train technology
2 days ago

Project delays dent Clugston results

Contractor confident about future prospects following a "challenging" year
2 days ago

UK drags Skanska Europe into £40m loss

Skanska chief aims to cut operational costs and tighten risk management
2 days ago

McLaren set to bag £45m Lakeside extension

Contractor beats off McAlpine, ISG and Sisk to take Essex retail deal
2 days ago

Demand grows for immediate revamp of building regs

Local council chief attacks BRE, contractors and manufacturers for not sharing previous fire test results
2 days ago

Canary Wharf Contractors pays £11,000 tax on £70m profit

Company offsets £13.9m Corporation Tax bill against losses at other group divisions
3 days ago

Mount Anvil plans 1,000 flats in London Royal Docks

Deal with London ExCel centre paves way to build block of apartments
2 days ago

Consultant RLB stages mass raid on Mace managers

Five senior figures jump ship to join rival
3 days ago

Ministers reject client levy option in Farmer Review

Government backs most calls for reform but stops short of 0.5% charge on clients
3 days ago

Construction and fit out boost profits at Morgan Sindall

Contractor bucks recent sector trend by telling City to expect higher than predicted profits
3 days ago

Lendlease ordered to pay £14.8m for city tower falling glass

Cladding contractor to pick up bill after 15-foot glass pane fell from 17th floor
3 days ago

Civil engineers act to avert Grenfell-style disasters

ICE launches review of lessons from tower tragedy to avoid infrastructure failures
3 days ago

Man killed in derelict church collapse

Tragedy at Cardiff site where old church was being demolished
3 days ago

CH2M and BDP to lead revamp of Parliament

Firms to assess scale of work needed ahead of potential £4bn restoration
3 days ago

Wates southern boss joins Midas

Peter Whitmore charged with growing turnover in the south to £100m
3 days ago

Willmott Dixon wins £24m laser testing centre

Another major win for contractor at Harwell Science Campus
3 days ago

HS2 confirms shortlists for new stations

Design teams battle to win trio of stations as development partners fight for major Euston site
4 days ago

Willmott Dixon starts redundancy talks as divisions merge

Contractor confident most housing staff will be redeployed during merger into main construction arm
4 days ago

Tower crane drivers hold ballot over summer strikes

Unite warns of widespread project delays as dispute with HTC Wolffkran intensifies
4 days ago

Government confident Carillion JV will deliver HS2 deals

Rail chiefs seek guarantees from joint venture partners
5 days ago

Site start next month for £70m Broadgate revamp

Facelift for 1 Finsbury Square as tech firm Mimecast set to move in to financial hub
4 days ago

Contractor services