Builder to raise £500m

BUILDER Taylor Wimpey has announced a £500m fundraising as it prepared for a land buying spree.

It will use cash from a shares placing to make the most of ‘attractive prices’ during the pandemic.

In a trading update, it said the crisis had taken a ‘meaningful’ toll on building works and some projects would be delayed into next year. But finances remained robust and because of this, it will hand back taxpayer cash provided to it under the jobs furlough scheme.

It expects house prices to remain ‘stable’. Boss Pete Redfern said: ‘We have seen robust demand throughout the lockdown and have been encouraged by the continued resilience of the housing market.’