. . . as it taps in to Covid work from home boom

TAYLOR Wimpey is to ramp up building in areas outside the normal commuter belts as people increasingly work from home.

The number of white-collar employees using their home as an office has rocketed during the coronavirus crisis, because of official advice to work remotely where possible.

But that has also meant it is no longer as important for some people to live within easy commuting distance of their employer’s building, the housebuilder’s boss Pete Redfern said.

Taylor Wimpey raised £522m in a fundraising this week and has said it will use the cash to buy land that is being sold at knock-down prices because of the pandemic.

And it is focusing on regions such as East Anglia and the South West, as demand grows for properties in areas further out from big cities that have space for home offices.

Redfern said a shift towards home working had already been seen in recent years but the pandemic would ‘increase that trend towards markets which are accessible and attractive places to live, but don’t work if you have to be in the City every day of the week’.

Taylor Wimpey yesterday said it received strong support for its shares placing on Wednesday night, having originally aimed to raise £500m. It placed 355m new shares at 145p each, while directors also bought 324,823 and small investors bought 4.9m shares.

Some £1.15m of shares were bought by nearly 330 employees.

Taylor Wimpey stock fell 6pc, or 9.05p, to 142.75p yesterday.