Housebuilder Taylor Wimpey boosted by order book growth

City A.M. Reporter
HOUSEBUILDER Taylor Wimpey said yesterday that stable market conditions and a growing order book had helped it make a strong start to 2012, at the higher end of its expectations.

The UK’s second largest housebuilder by volume said that its order book, excluding legal completions to date, had risen 23 per cent since the end of 2011 to £1.03bn, 16 per cent ahead of this time last year.

It said that this had been driven primarily by private reservations, while it had also seen improvements in both pricing and margins in 2012. Net debt was lower than expectations at £218m at the end of March.

While mortgage availability remains tight in Britain, the group echoed recent comments from rivals like Bellway and Persimmon in saying it had seen strong customer interest in the government’s NewBuy 95 per cent loan scheme, launched in March.