Taylor Wimpey (TW) Trading Update summary

Trading performance and market conditions

• Full year UK completions and group operating profit guidance reiterated, with no surprises in current trading.

• Spring selling season met expectations, with a net private sales rate of 0.77 per outlet per week, up from 0.74 last year.

• Order book value as of 27 April 2025 was £2,335 million, representing 8,153 homes, both higher than the previous year.

• Mortgage rates have declined and product availability is good, supporting customer resilience, though first-time buyers face some challenges.

• Flat year-on-year pricing persists, with a 16% cancellation rate reflecting some first-time buyer challenges.

Outlet openings, land, and planning

• Operating from 201 outlets, with an average of 208 during the period; more outlets planned to open this year, especially towards year-end.

• Landbank stood at approximately 78,000 plots at March 2025, with a strategic pipeline of 136,000 potential plots.

• Approved about 1,700 plots year-to-date, up from 1,400 last year; started the year with a strong short-term land bank.

• Recent planning reforms are positive but require more resources and focus on implementation.

• Land market approach remains selective and opportunistic, focusing on quality and return.

Financial guidance and cost dynamics

• Full year 2025 guidance unchanged: 10,400–10,800 UK completions expected (excluding JVs), with about 45% of volume in H1.

• H1 UK average selling price expected around £330k; full year average selling price around £340k.

• 2025 Group operating profit expected in line with previous guidance of £444 million.

• First half group operating margin will be lower than underlying margin in H1 2024 due to lower pricing and slight build cost inflation.

• Build cost inflation remains low, at 2–3%, with most impact in the second half of the year.