Taylor Wimpey prices up 9% this year

Aaron Morby 13 years ago
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Taylor Wimpey said its prices increased  9% in the first four months of the year as  market conditions improved.

The UK’s second biggest house builder by volume said 4% of the gain was down to underlying market condition and the balance from a better mix of higher-end homes.

In a trading statement ahead of its annual general meeting, the builder said strong cash inflows helped to strip £90m from net debt to £660m in line with plans.

Taylor Wimpey has achieved 74% of its targeted annual sales in the U.K. and 99% of first- half sales.

But the management could be in for a rough ride at today’s AGM over hefty boardroom bonuses.

The Association of British Insurers has issued an ‘amber top’ alert on the company’s remuneration report, while fellow shareholder group Pirc has advised investors to use today’s meeting to reject the pay proposals.

“Although economic and political risks remain, we believe that the underlying shortfall of new build housing and the strong levels of demand will continue to underpin the market,” Taylor Wimpey said.

The builder said its business in Canada performed strongly and was seeing steady price improvement, compared to a gradual increase in prices in the United States.

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