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1 July 2011

Taylor Wimpey: improvement in mortgage lending

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by Gill Montia

Taylor Wimpey: improvement in mortgage lending

Taylor Wimpey says it is “very pleased” with its ongoing performance improvement in the UK, where it has continued to see stability since April.

In a trading update, the housebuilder’s group chief executive, Pete Redfern, commented: “There are ongoing signs of incremental improvement in mortgage lending, although the level of mortgage approvals remains very restricted.”

The group is currently operating from 313 outlets, compared to 284 as at 4th July 2010, and private sales rates have averaged 0.56 sales per site per week for the year to date, broadly in line with the first half of 2010.

Cancellations remain at historic low levels, with the year to date average running at 15% (H1 2010: 16%).

However, Taylor Wimpey expects to complete only 4,550 homes in the first six months of 2011, down from 4,804 in the same period of 2010, with the average selling price around £170,000 (H1 2010 £168,000).

The group has approved the purchase of 5,257 new plots on 55 new sites since the start of 2011, and has entered into a partnership agreement with the property division of UK Coal for a portfolio of 16 strategic land sites, with the potential to deliver up to 4,000 homes.

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