Taylor Wimpey completed more than 7,300 houses in the first six months of 2021

Housebuilder Taylor Wimpey has rejected suggestions that the UK housing market is in a bubble after it announced bumper half-year profits.

Table of Contents

Chief executive Pete Redfern told the BBC that market conditions were completely different from the time of the last house price crash in 2007.

Taylor Wimpey completed more than 7,300 houses in the first six months of 2021, a record performance.

It made operating profits of £424m, as against a £16m loss a year earlier.

The firm said it had raised its full-year profit expectations to £820m and expected to complete up to 14,000 new homes over the full 12 months.

It had previously said it expected profits for the year to come in at about £779m.

Housing boom

Mr Redfern told the Today programme that in 2007, mortgage lending had been “significantly laxer” than now, while house price growth had been “well above” inflation levels.

At the same time, there had been a high number of investors buying homes.

“None of those things is true today,” he said, adding that the UK currently had an “entirely healthy and stable housing market”.

Taylor Wimpey said it had seen “strong demand” for homes in the UK during the first half of this year, underpinned by low interest rates, good mortgage availability and government support for customers in the form of the Help to Buy scheme.

It added that there had been healthy levels of customer interest in reservations, extending well beyond the end of the stamp duty holiday.

It also reiterated that it had brought in a new cladding fire safety provision of £125m to make apartment buildings safe and mortgageable.

Emerging from the Covid pandemic

As the country emerges from the Covid pandemic, the housing market has been showing signs of a boom.

Last week, property website Zoopla said surging demand for houses would last well into 2022 as buyers continued to look for more room after being cooped up during the pandemic.

A search for space had pushed up the average price of a house by 7.3% over the past year, reaching a new high of £230,700, it said.

Related Articles you may like

What's the impact of thermal comfort on SAP Calculations?
What’s the impact of thermal comfort on SAP Calculations?

Thermal comfort significantly influences SAP calculations, which are essential for determining the energy efficiency of UK buildings. Key factors impacting thermal comfort include thermal mass, insulation, ventilation system performance, and solar gains, all of which play a role in a building’s energy consumption and occupant well-being. Furthermore, precise SAP calculations are vital for compliance with building regulations, preventing potential penalties. Ratio Seven Limited, a Cheshire-based company, specialises in personal service activities, yet it faces financial challenges, with declining growth and profitability, as highlighted by recent assessments.

Read More »
Soundproofing Techniques for Home Offices and Workspaces
Soundproofing Techniques for Home Offices and Workspaces

Creating an optimal workspace at home is essential, especially as remote work becomes more common, and effective home office soundproofing can play a crucial role in enhancing concentration and boosting productivity. It’s not just about blocking out noise; soundproofing helps create an environment conducive to professional activities by using materials like fibreglass, foam panels, and soundproof curtains to reduce external and internal noise. Simple steps, such as sealing windows and doors, adding carpets, and arranging furniture strategically, can make a significant difference. These techniques will help you establish a quieter, more productive home office, free from distractions like street noise and household sounds.

Read More »
Find a builder
Are you searching, House Builder Near Me?

It is not easy to find a house builder near me, but with a little research and time, you can hire a qualified and skilled individual to build your dream home. It is important to choose a reputable and experienced builder with a proven track record, good experience and a high success rate. You should also look for a team with good coordination and a high level of workmanship. These are all things you should consider when selecting a builder.

Read More »