Latest news with #TaylorWimpey
Yahoo
6 hours ago
- Business
- Yahoo
UK's Taylor Wimpey warns of lower annual profit due to one-off charge
(Reuters) -UK homebuilder Taylor Wimpey cut its annual operating profit forecast on Wednesday, citing a 20 million pound ($26.7 million) charge tied to remediation works at a London site, and plunged to a first-half pretax loss. Its shares were down 7% in early trade. Affordability pressures have resurfaced in the UK housing market as persistent inflation and delayed interest rate cuts, among broader economic concerns, have offset the modest optimism sparked by government incentives. "Following robust trading in the first quarter, we experienced softer market conditions during the second quarter", the company said, citing continued affordability concerns, particularly among first-time buyers. The group now expects annual operating profit of 424 million pounds, compared with 444 million previously. At its problematic London site it said the original contractor, responsible for defective work, had ceased operations due to financial difficulties. Taylor Wimpey expects to incur additional costs, even as it seeks to recover expenses from the contractor. A 222.2 million pound cladding fire safety provision and an 18 million pound charge linked to a Competition and Markets Authority (CMA) probe, resulted in a pretax loss of 92.1 million pounds for the six months ended June 29. The company was among seven developers that agreed to pay a combined 100 million pounds toward affordable housing following the CMA investigation into potential anti-competitive practices. Excluding the one-off charge, operating profit for the first half of 2025 stood at 181 million pounds, slightly below 182.3 million pounds in the prior year. However, it reiterated expectations of UK completions in a range of 10,400 to 10,800 for the full year, supported by steadying mortgage rates and strong order book. Completions involve homes that have been built and the official transfer of ownership to the buyer. It also expects operating profit margins to improve in the second half of 2025, supported by a higher volume of home completions. ($1 = 0.7494 pounds)
Bloomberg
8 hours ago
- Business
- Bloomberg
Taylor Wimpey Provision Shows Long Road to Fixing UK Fire Safety
More than eight-years on from the tragic Grenfell fire that claimed 72-lives, the UK's home builders are still grappling with the long fall out from clearing up years of unsafe building practices. Taylor Wimpey Plc has set aside £222 million ($297 million) to deal with the costs of repairing unsafe buildings, almost double its previous provision, according to a statement Wednesday. Coupled with a one off hit from a defective London project and a settlement relating to affording housing with the UK's competition watchdog, the provisions pushed the company to a £92 million loss in the first half of the year, reversing a £98 million profit a year earlier.
Daily Record
a day ago
- Business
- Daily Record
Housebuilder to stage special events for buyers at Lanarkshire developments
Hamilton, Jackton and Holytown will host the "moving made easy" events on August 9 A housebuilder currently constructing developments across Lanarkshire is hosting an information event for potential home movers next weekend. Taylor Wimpey is running 'moving made easier' events from 12 noon until 4pm on Saturday, August 9, with sales staff available for information – and independent mortgage specialists offering free financial advice at Oakwood Grove in Hamilton, Amble Court in Jackton and Torrance Place in Holytown. Visitors will be able to view show homes and find out more about moving to a new development, with information available for all categories of buyers including 'prospective first-time buyers, second steppers or downsizers'. Sales executives will be on hand with advice about purchasing a new home, availability at each development and preparing for a move; plus offers and support available from Taylor Wimpey, including its Easymover scheme. It allows qualifying homebuyers to simplify the process of selling their current home and provisionally reserve a new one at their preferred development, even if they haven't yet sold their existing property. Taylor Wimpey west Scotland sales and marketing director Audrey Ross said: 'Whether you want to upsize or downsize your property, or are perhaps simply considering a move to a more energy-efficient home, our Moving Made Easier events are the perfect opportunity to get all your questions answered and take the next step towards your dream home. 'With a focus on sustainability and customer satisfaction, we strive to make the home-buying process as straightforward and enjoyable as possible, and we hope prospective buyers find our latest series of events a helpful way to get them on the move. 'It's also a great time to find out about the incentives that we have available that can help buyers move to a new home, including our Easymover scheme, which offers our help and expertise to buyers with a property to sell.'
BBC News
a day ago
- Business
- BBC News
Yarm new homes plan attracts more than 180 objections
More than 180 objections have been made against a plan for hundreds of new homes near a market Taylor Wimpey is preparing an outline plan to build up to 600 properties on land south of Green Lane, in Yarm, said the properties would consist of between two to five bedroom homes, including up to 120 which were of the objections include traffic concerns. The developer, which held a public consultation, said it welcomed the feedback. Dozens of comments were made to Stockton Borough Council, according to the Local Democracy Reporting said: "Yarm is supposed to be a historic market town but is quickly become a sprawling housing estate."Another said: "We have already been heavily built upon and we have not got the infrastructure to take more housing." 'Pressure on schools' Stockton West Conservative MP Matt Vickers said the plans would further increase the "unsustainable" overdevelopment of that part of the said: "No emphasis has been placed on the real impact that there will be to the natural environment and biodiversity."He added that the plans would have a "severe and detrimental effect" on traffic concentration and would put pressure on local schools and Wimpey said its project would tackle a need for housing and would have a "minimal impact" on road junctions."We would like to thank the local community for their feedback on our plans for the proposed development off Green Lane in Yarm," a spokesperson said. Follow BBC Tees on X, Facebook, Nextdoor and Instagram.
Yahoo
4 days ago
- Business
- Yahoo
Be among the first to see inside new homes at Whiteley development
New homes are opening their doors to the public before they are even finished. Taylor Wimpey Southern Counties is inviting house-hunters to its Woodlands Chase development in Whiteley for a 'Dusty Shoe' weekend on August 2 and 3. Visitors can tour unfinished three and four-bedroom homes and meet the Taylor Wimpey sales team to discuss available offers and incentives, including the developer's Part Exchange scheme. READ MORE: Council wants feedback on plans to help tenants downsize Roz Wells, sales and marketing director for Taylor Wimpey Southern Counties, said: "We're looking forward to welcoming visitors to Woodlands Chase in the first weekend of August to take a look around our selection of homes before they are completed. "This opportunity allows potential homebuyers to be among the first to see these homes firsthand and visualise the space and imagine how it could look once completed." Guests can view the Huxford, Chelbury, and Ardale house types, and enjoy complimentary Pimm's, strawberries, and cream during the event.
