Taylor Wimpey cheers record house building numbers

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Although this is far above the 2,771 completions of H1 2020 and sets a record for the housebuilder, the report does state that this is partly down to delays in completions in the final quarter of last year.

Operating profits for H1 2021 came to £424m as compared to a loss of £16.1m during the same period last year.

It expects profits to amount to £820m at the end of 2021 with a completion figure of up to 14,000 homes.

The housebuilder says it has enjoyed “strong demand” thanks to the interest rate environment, the Help to Buy scheme and mortgage product availability and that this desire for housing has not waned alongside the end of the stamp duty holiday.

“The sector has seen increased build cost and supply chain pressure in relation to some materials in the first half of 2021. However, this is being fully offset by healthy levels of house price growth,” it adds.

Beyond this year, Taylor Wimpey believes it will deliver 17,000 to 18,000 houses in the medium-term, “assuming normal market conditions.”

Taylor Wimpey chief executive Pete Redfern comments: “We have a clear purpose to deliver high-quality homes and create thriving communities and a strategy to ensure the long term sustainability of the business.”