UK housebuilder Taylor Wimpey has delivered a bullish replace on the nation’s housing market, saying that it expects outcomes for subsequent yr to be “materially above the highest finish” of present expectations.
The FTSE 100 firm stated that the market had recovered effectively since spring lockdowns, with buyer demand proving “resilient.”
“The fast restoration of the housing market is testomony to the underlying energy of demand and supportive lending backdrop,” stated chief government Pete Redfern.
Housebuilders had been hit laborious by the primary UK coronavirus lockdown earlier within the yr. Nevertheless, Taylor Wimpey stated that “the early indicators counsel that clients want to proceed to progress purchases, with ahead gross sales indicators at wholesome ranges”.
Because of this, the housebuilder stated it expects income for 2020 to be “in direction of the higher finish of market expectations.” As well as, the group now expects working income for 2021 to be “materially above the highest finish” of the market’s present consensus.
With websites now working “at or close to” regular capability, completions for 2021 shall be at 85-90 per cent of 2019 ranges, the group added.
Over the summer time, Taylor Wimpey tapped traders for about £500m because the group sought to make the most of depressed land costs. Taylor Wimpey shares closed on Friday at 123p, which was 38 per cent under their mark in the beginning of the yr.