Taylor Wimpey says new housing demand still good, but order book slips

In a statement ahead of its annual general meeting in London later, the housebuilder said average private sales for the year to date were 0.85 per outlet per week, down from 0.93 the year before but in line with its expectations. Meanwhile, cancellation rates remained low at 13% versus 10%.

As at 22 April, the total forward order book value was around £2.16bn compared with £2.2bn in 2017, representing 9,050 homes versus 9,219, excluding legal completions to date.

Taylor Wimpey said the underlying housing market has remained stable in the first four months of this year, with continued good accessibility to mortgages at competitive rates. It said that while poor weather hit sales and build rates during the first few weeks of March, activity has since recovered.

Chief executive Pete Redfern said: "We have continued to see good demand for new housing through early 2018. Looking ahead, as we embark on the next stage of our strategy, our focus is on building our capability to deliver great quality homes and places for our customers over the long term."

The group said it remains on track to meet its expectations for the year, although completions will be more weighted to the second half than they were in 2017.