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Major house builder can’t finish homes on time in face of £40 million losses

PUBLISHED: 15:17 29 July 2020 | UPDATED: 15:17 29 July 2020

Taylor Wimpey expects to complete 40% fewer homes in 2020. Pic: Taylor Wimpey/Archant library

Taylor Wimpey expects to complete 40% fewer homes in 2020. Pic: Taylor Wimpey/Archant library

Archant

House-builder Taylor Wimpey, with sites across Norfolk, said it expects to complete 40pc fewer homes in 2020.

Taylor Wimpey expects to finish 40% fewer homes in 2020. Pic: Taylor WimpeyTaylor Wimpey expects to finish 40% fewer homes in 2020. Pic: Taylor Wimpey

The firm slid to a £39.8 million pre-tax loss for the six months to June 28, from a £299.8 million profit in the same period last year. The result is a knock-on effect on finishing building homes, said the firm – with houses scheduled to be completed by the end of this year going over to 2021 due to the coronavirus outbreak.

Shares in the company also dived after the company told investors the pandemic has had a “significant impact” on construction work and completions.

It said the site closures in March because of coronavirus weighed on home completions, which fell by 57.6pc to 2,771 properties for the half-year. However, in the nine weeks since its sales centres reopened in England, it said its sales rate has significantly improved while appointment bookings had jumped 206%.

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Chief executive Pete Redfern said: “Our performance for the first half of 2020 has been impacted by the closing of our sites and sales centres but we have now reopened all sites successfully and safely and have returned to a sustainable level of sales and build.

“Looking ahead, balance sheet strength, a long order book and our high-quality and growing landbank gives us confidence in our ability to navigate the challenges and emerge stronger from the pandemic.

“While uncertainties remain, we are confident in the underlying fundamentals of the housing market.”

On Tuesday, it was reported that the government is considering extending the deadline to access the Help to Buy scheme beyond the current deadline at the end of this year.


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