Taylor Wimpey has reduced its forecast for UK home completions this year, now expecting between 10,600 and 10,800 units excluding joint ventures, which falls in the lower half of its previous guidance range. The housebuilder reported first-half completions of 4,986, down from 5,264 a year earlier, citing a reduced sales rate and challenging market conditions including weaker pricing and build cost inflation of 3% to 4%. Despite a 1.7% rise in total revenues to £1.68 billion and a swing to a pre-tax profit of £116.8 million, the company warned that without targeted demand support, sector output and UK economic growth could be at risk. Separately, Rightmove cut its full-year revenue growth guidance to between 6% and 8% from a prior 8% to 10%, blaming subdued demand in the new homes market where new build developments fell 6% year-on-year.
Taylor Wimpey PLCTaylor Wimpey reduced its home completion forecast due to a reduced sales rate and challenging market conditions, including weaker pricing and build cost inflation.
Rightmove PLCRightmove cut its full-year revenue growth guidance due to subdued demand in the new homes market, with new build developments down 6% year-on-year.