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Fri March 05 2021

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Help to Buy helps Taylor Wimpey to strong first half

7 Jul 14 Nearly a half of new home sales by Taylor Wimpey are now helped by public subsidy from the taxpayer.

During the first half of 2104, Taylor Wimpey completed 4,755 private homes were private completions. Approximately 2,000 of these were sold with Help to Buy equity loans.

Including housing association jobs and joint ventures, Taylor Wimpey completed 5,766 new homes in the first half of 2014, an 11% increase on the first half of 2013.

Average private sale price was up 9% to £224,000.

Although some build costs are increasing in certain trades and materials, the company said in a trading update, “these are being maintained at manageable levels”. As a consequence, operating profit margin for the first half of 2014 is expected to be 16%, up from 13.1% for the same period last year.

“We believe that the market risk in the short to medium term has reduced in the first half of 2014 due to a general underlying economic improvement, the extension of Help to Buy to 2020 and balanced prudential measures to reduce long term risk,” the board said.

Half-year results will be announced on 30 July.

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