Sometimes, the absence of terrible news is good enough. Housebuilder Taylor Wimpey is guiding towards operating profits of £440mn-£470mn this year. At the midpoint this marks a 50 per cent decrease versus 2022. But it is still better than expected.
The extent to which higher mortgage rates will deter home sales in Britain is unclear. Recent survey data has been mixed. Taylor Wimpey’s half-year results offer hope that a sharp price crash is unlikely.
Underlying interest from customers remains “strong”, says the company, which expects to build 10,000-10,500 homes this year. This is at the upper end of previous guidance.
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