LONDON (ShareCast) - Business has stabilised for troubled housebuilder Taylor Wimpey (LSE: TW.L - news) with UK orders steady and selling prices
9% higher than the £163,000 average at the end of July.
Taylor added the price improvement reflected planned improvements in its sales mix towards housing rather than apartments, as well as price increases achieved over the last three months. The total UK order book value is £1bn (week 43 2008: £1.06bn).
"Our own performance has remained encouraging since the half year. We did not experience the usual industry seasonal slowdown over the summer and sales rates have remained solid into the autumn," it said.
Taylor says it is fully sold for 2009 with its sales focus remains on achieving price increases in the 2010 order book.
Net private reservation rate for the second half to date is 0.56 homes per site per week (H1 2009: 0.65, H2 2008: 0.40). These reservation rates include the effect of cancellations, which remain low at 16% for the second half to date (H1 2009: 19%, H2 2008: 46%).
In the US, the order book for the remainder of 2009 is in line with the full year target. Pricing has remained broadly flat against the first half average of US$275k. The current order book stands at US$0.95bn (week 43 2008: US$1.21bn (LSE: BWNG.L - news) ).
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