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Taylor Wimpey reports solid 2023 despite planning 'remaining slow'

Housebuilder Taylor Wimpey completed 10,438 homes in 2023 and is expected to make £440-470m in operating profit for the year — but notes that the planning system ‘remains slow’ and continues to impact outlet openings as material delays in planning and technical determinations persist.

Total Group completions (including JVs) were 10,848 (down 23% compared to 14,154 in 2022). However, UK average selling prices on private completions increased by 5.1% to £370,000 (2022: £352,000). 

The group ended the year with a lower order book valued at £1,772m (end-December 2022: £1,941m), excluding JVs, which represents 6,999 homes.

Jennie Daly, CEO at Taylor Wimpey, commented: “We are pleased to have delivered a full year performance in line with expectations and expect to report full year operating profit at the top end of our guidance range.

“Looking ahead, it is encouraging to see a reduction in mortgage rates, however, in the short term the market remains uncertain and the planning backdrop extremely challenging.”

However, Daly added: “We remain confident in the attractive medium- and long-term fundamentals of the sector.”

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