No early Europe jitters for profitable builder

Housebuilder Taylor Wimpey has boosted profits and shrugged off uncertainty surrounding Britain’s referendum on the EU, saying it is business as usual.

The firm said trading was “in line with normal seasonal patterns” as pre-tax profits stepped up 12% to £266.6 million for the six months to July 3.

Revenues picked up 9% to £1.5 billion over the period as it built more than 6,000 homes in the first half of the year.

Shares were up more than 5% yesterday.

Chief executive Pete Redfern said customer interest has continued to be high since Britain’s vote to leave the European Union.

He added: “We are monitoring customer confidence closely across a number of metrics, including appointment bookings, and these continue to be solid.

“Whilst it is still too early to assess what the longer term impact from the referendum result on the housing market may be, we are encouraged by the first month’s trading and by continued competitive lending from the mortgage providers as well as the positive commentary from Government and policy-makers.”

The firm saw a 5.8% increase in the total average selling price to £238,000 for first half of the year, up from £225,000 over the same period in 2015.

It said it also had a strong order book of 8,683 homes worth £2.2bn, but it had seen some slowing in the London property market.

Taylor Wimpey has put plans for a massive development at Halbeath in Fife on hold to allow planning issues to be clarified. It is pausing its design proposals for the 14,000 home project while Fife Council clarifies infrastructure and education issues.

A public consultations event will also be delayed until the position is clarified.

Taylor Wimpey has seen profits rise.