Taylor Wimpey boosts annual home completions by 5%
Source - SMW
Taylor Wimpey said it would report 2017 full-year results in line with its expectations amid continued robust demand for UK housing.
The company said total home completions in 2017 increased by by 5% to 14,541, including joint ventures. Its net private reservation rate for 2017 was 0.77 homes per outlet per week, up from 0.72 in 2016. Cancellation rates remained steady at 13%.
Average selling prices on private completions increased by 3% to £296k with the overall average selling price increasing by 4% to £264k.
Taylor Wimpey's order book at year end was down on the previous year. At December 31, the order book was valued at £1.628bn, compared to £1.682bn a year earlier.
"We achieved a strong financial and operational performance in 2017 and are continuing to deliver against our strategy," chief executive Pete Redfern said.
"Despite wider macroeconomic uncertainty, housing market fundamentals remain solid and our trading performance has been good."
"We go into 2018 with positive momentum and expect to achieve further progress against our medium term targets. Our focused strategy of managing the business through the cycle, while also driving further operational improvements, will enable us to continue to deliver long term value for shareholders."