Taylor Wimpey have reported a 57% decline in the number of competitions in the half year period ending 28th June.
The impact of coronavirus caused the sharp drop in activity as the house builder’s sales channels were destroyed by the lockdown.
However, the company has revealed a stronger order book compared with a year ago, suggesting demand for housing had not diminished and sales completions were likely to bounce back in the second half of the year.
The group said average house sale prices had actually increased during the period to £269,000, up from £261,000 in the same period a year prior. This is consistent with findings by property website Zoopla, who said the supply/demand imbalance was supporting prices.
Pete Redfern, Chief Executive, commented:
“I am pleased with Taylor Wimpey’s performance during a very challenging time and am proud of the resilience, principled approach and agility that our teams have shown.
Our performance for the first half of 2020 has been impacted by the closing of our sites and sales centres but we have now reopened all sites successfully and safely and have returned to a sustainable level of sales and build. We are delighted that our NHS and care workers discount scheme has been taken up by over 1,200 households to date.
Looking ahead, balance sheet strength, a long order book and our high quality and growing landbank gives us confidence in our ability to navigate the challenges and emerge stronger from the pandemic. While uncertainties remain, we are confident in the underlying fundamentals of the housing market.
I would like to thank all of our employees, subcontractors and suppliers for their exceptional response to the crisis. Their tremendous effort has enabled us to continue to support customers and protect the value of our business, at a time of great uncertainty.”
