Help to Buy boosts housebuilder Taylor Wimpey

Help to Buy boosts housebuilder Taylor Wimpey

Taylor Wimpey (LON:TW.) welcomed signs of life from the housing market of late, hailing government measures for kick-starting the revival.

In an encouraging trading update that spurred the shares on in early deals, it became the latest house builder to heap praise on George Osborne’s Help to Buy scheme to boost mortgage lending and help first-time buyers get a foot on the property ladder.

Taylor Wimpey said it traded at the upper end of its expectations in the first half of the year, with an operating profit margin in the UK of over 13%.

Chief executive Pete Redfern said: “We have welcomed signs of significant improvement in the housing market in the first six months of 2013 where we have seen increased consumer confidence, underpinned by both generally improved access to, and affordability of, mortgage finance and by the recent Government measures.

“This has enabled us to continue our investment in local communities across the UK and play a leading role in the creation of new homes, employment opportunities and infrastructure.”

House builders have seen a change of fortunes in 2013 as the housing market looks to be turning the corner.

On Tuesday, Persimmon (LON:PSN) also lauded the impact of Help to Buy, while Redrow (LON:RDW) added 6% on Thursday when it said full-year profits would be at the top end of analyst estimates – around £61mln.

Galliford Try (LON:GFRD), meanwhile, hailed a strong performance from its house building division in its trading update, highlighting the effect of Help to Buy.

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Taylor Wimpey Timeline

Newswire
March 04 2013

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