Strong spring selling boosts Taylor Wimpey

Housebuilder Taylor Wimpey reported a strong start to the spring selling season as it looks to build on last year’s 67 per cent rise in profits to £450m.

The company completed the sale of 12,454 properties in the UK last year, a rise of 6.5 per cent as it benefited from an 11.5 per cent increase in its total average selling price to £213,000.

In Yorkshire, prices rose seven per cent to £175,000.

The group’s finance director Ryan Mangold said the group completed close to 2,000 homes in Yorkshire, up from 1,750 the previous year.

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It has 45 sites across the region and said it is actively investing in the Yorkshire land market.

“The business is in a really strong position. We’ve seen a really solid position in Yorkshire and across the country,” said Mr Mangold.

“The mortgage market is more balanced, we’re starting to see the effects of stamp duty reform and maybe this is flowing through to the consumer.

“Employment prospects remain strong and the expectation of inflation rises has dampened down considerably.”

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The group said the beginning of the spring selling season has seen both demand and trading at the better end of its expectations.

Net private sales rates for the year to date of 0.70 homes per outlet per week are at “healthy levels” and within the range that Taylor Wimpey sees as sustainable.

Building costs increased by five per cent last year.

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