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09 Jan 2019 | 07:16

Taylor Wimpey boosts home completions, selling prices in 2018

Home builder Taylor Wimpey said it expected to post an annual result in line with expectations after it completed more homes and selling prices rose.

Total home completions for the year through December rose 3% to 14,947, while average selling prices rose 2% to £301k.

The company's net private reservation rate for was 0.80 homes per outlet per week, up from 0.77 on-year.

Cancellation rates remained 'low' at 14%, which was up from 13% on-year.

Taylor Wimpey said it ended the year with an order book worth £1.78bn, up from £1.63bn on-year.

'Despite wider macroeconomic uncertainty, the housing market remained stable during 2018 and we had a good trading performance,' chief executive Pete Redfern said.

'We are continuing to deliver against our strategy and ended the year in a positive position, underpinned by our strong order book and balance sheet.'

'As we enter 2019, we maintain our guidance for stable volumes although are mindful of market sensitivity.'

'We are confident that our focused strategy of managing the business through the cycle and driving further operational improvements will enable us to continue to deliver a high-quality product and service to our customers, long term value for shareholders and growth into 2020.'

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