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Taylor Wimpey boosted by 'healthy' housing market

Taylor Wimpey boosted by 'healthy' housing market
A "healthy" housing market has been highlighted for Taylor Wimpey's increase in profits over the opening part of 2013.

The company reported a 40 per cent boost in its profits and an 11 per cent rise in revenue for the six months up to June 30th 2013 compared against the same period a year before. The housing market was pinpointed as being the driving force behind these positive results as it has been commissioned to build more and more properties. As an increased number of Brits attempt to get on the housing ladder it has spelled surging profits for the likes of Taylor Wimpey.

Officials said that the organisation recorded revenues of £1,007 million in 2013 compared against the £906 million noted a year previous. This helped towards posting a pre-tax profit, before exception items, of £109 million, representing a 42 per cent increase on the £77 million that was reached in 2012. Operating profit was also up to £132 million.

Pete Redfern, Taylor Wimpey chief executive, said: “During the first half of 2013, there has been meaningful improvement in the housing market, with more positive consumer sentiment, a more available and affordable mortgage market, and the presence of government mortgage schemes, all adding to a favourable outlook."

The government has been encouraging more and more people to get their foot on the property ladder and in March 2012 launched the NewBuy scheme. This allowed first-time buyers to only pay a five per cent deposit on a new property that they wished to purchase. This meant that lenders involved in the scheme would provide a 90 to 95 per cent loan-to-value mortgage for buyers meeting the qualifying criteria.

Schemes such as this are designed to help stimulate the housing sector and for companies like Taylor Wimpey it is proving hugely successful. In the opening part of the year the company completed 5,191 properties, compared in 5,083 in the same period in 2012. The average home carried a selling price of £188,000, up from the previous £176,000.

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Date: 02/08/2013 16:25:27

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