Taylor Wimpey sees low-end profit after subdued autumn trade

(Alliance News) - Taylor Wimpey PLC on Wednesday guided for full-year adjusted operating profit at the bottom end of the consensus range, and trimmed its completions outlook, after a "subdued" autumn selling season.

"The housing market has remained challenging during the autumn selling season with increasing mortgage rates placing further pressure on affordability during this period," the High Wycombe, England-based housebuilder said in a trading statement.

Shares in Taylor WImpey were down 3.8% at 79.30 pence each in London on Wednesday morning.

The FTSE 250-listed firm now expects around 10,500 UK completions excluding joint ventures in 2026, below the 10,600 to 10,800 range guided at first half results in July.

In addition, it guided for adjusted operating profit to be around the bottom end of the consensus range which it put at GBP262 million to GBP299 million. This would be down from GBP420.6 million reported in 2025.

In July, the firm lowered its annual shareholder returns target to 4% of net assets from 7.5% before, noting the UK housing market downturn has proved more prolonged than anticipated.

Net cash is still forecast to be around GBP250 million at the financial year-end, subject to the timing of land purchases in the remainder of the year.

Chief Executive Jennie Daly said the autumn selling season has been "more subdued, as higher mortgage rates and living costs continue to reduce customer affordability."

The net private sales rate per outlet per week for the period from June 29 to November 8 was 0.60, down from 0.63 the year prior, with an unchanged cancellation rate of 17%. Excluding the impact of bulk deals, the net private sales rate was 0.54 against 0.61 a year ago.

For the year to date, net private sales rate totalled 0.69 against 0.72, with a cancellation rate of 15%, down on-year from 16%. Excluding the impact of bulk deals, net private sales rate for the year to date was 0.62 compared with 0.68 a year ago.

Taylor Wimpey's order book, excluding joint ventures as at November 8, stood at 6,839 homes against 7,253 homes the year prior, with a value of GBP1.98 billion compared to GBP2.12 billion.

"Pricing continues to reflect the subdued market conditions, with further marginal softening, and incentives remain elevated as previously communicated. We continue to expect build cost inflation of 3-4% for full year 2026," the firm added.

The builder said execution against a strategy to drive value from its "strong" land bank is "progressing well", increasing its outlet base without net land investment.

The firm is currently operating from 225 outlets, up from 206 a year ago, and remains on track to open more outlets in 2026 than in 2025 and to deliver year on year growth in average outlets.

"We also remain proactive in managing the cost base across our business and are focused on delivering further efficiencies to protect value given the current trading environment," it added.

The firm welcomed the introduction of the your first home UK government scheme in supporting first time buyers' access onto the property ladder.

"We look forward to further detail from government, including on funding allocation and scheme implementation. With our strong first time buyer proposition and growing outlet base, we are well positioned to participate as the scheme develops," it said.

By Jeremy Cutler, Alliance News reporter

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