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August 5, 2010    

Taylor Wimpey: UK housing market “relatively robust”

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by Gill Montia

Taylor Wimpey has reported “relatively robust” UK housing market conditions over the first half of 2010, having achieved 4,804 legal completions, up slightly from 4,702 a year earlier.

The group sold 3,925 homes to private buyers and 866 to affordable housing providers, with the remainder joint ventures.

Encouragingly, the developer’s cancellation rate scaled back to 16% in the six months to the end of June, compared with 19% over the previous twelve months and a peak of 46% in the second half of 2008.

Looking to the future, the group says it has concerns about the UK housing market but believes the worst is over.

The company currently has a total UK order book of £952 million and sees the long-term supply/demand fundamentals of the market as “strong and attractive”.

Group chief executive, Pete Redfern, comments: “We have performed well in the first half of the year and I’m pleased with the progress we’ve made in reducing costs, improving the margin and developing the landbank.”

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