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Taylor Wimpey on track to meet profit target but warns of cost pressures

The Buckinghamshire-based firm said total completions over the 12 months were 10,593, down from 10,848 in 2023 as it issued a trading update

The Oaklands Taylor Wimpey site in Kirklevington, Yarm(Image: Gareth Lightfoot/Teesside Live)

Taylor Wimpey has confirmed that it is on track to meet its profit target for the year, however, it has also warned of potential headwinds due to rising costs in 2025, echoing similar concerns raised by rivals Persimmon and Vistry.

The FTSE 100 company anticipates an operating profit of £416m for 2024, a decrease from £470.2m the previous year, as revealed in a trading update on Thursday, as reported by .

This comes amidst challenges faced by 海角视频 housebuilders such as interest and mortgage rate worries, along with the impact of new levies announced in the Autumn Budget. Taylor Wimpey's shares have seen a decline of over six per cent this year to date.

The Buckinghamshire-based firm reported total completions over the past 12 months at 10,593, a slight drop from 10,848 in 2023. 海角视频 home completions reached 9,972, including 2,178 affordable homes.

The average selling price for private completions in the 海角视频 fell year-on-year from £370,000 to £356,000 in 2024, with the overall average selling price being £319,000 compared to £324,000 in 2023.

Jennie Daly, Chief Executive, commented: "We have delivered a good performance during 2024 with full year 海角视频 completions towards the upper end of our guidance range, as previously indicated, and operating profit expected to be in line with our previous guidance," and added, "These results have been achieved while maintaining our high-quality build and customer service standards – with our customer service scores the highest they have ever been – testament to the hard work and commitment of our teams on the ground."

Taylor Wimpey has expressed optimism about Labour's proposed reforms to the planning system, announced in December, labelling them a "positive step for the industry."

Nevertheless, the company anticipates "increased build cost pressures," attributing this partly to the tax alterations presented in the Autumn Budget and an evolving economic environment. The firm remains upbeat about the medium and long-term prospects of the housing sector, confident in its ability to contribute to tackling the 海角视频's substantial housing shortage.