Taylor Wimpey shares jump on home building outlook
Taylor Wimpey says it will build more homes this year than forecast, even as its half-year profit before tax fell 29%.
IGTV’s @AngelineOng takes a look at how housebuilders are balancing building plans, consumers facing higher mortgage and living costs, and another potential rate hike round the corner.
(Video Transcript)
Taylor Wimpey's shares
Some respite for housebuilders, Taylor Wimpey's shares rising on news that it's going to build more homes this year than forecast. Just taking a look at the chart for you. There you go, the green bar there, up some 3%. Taylor Wimpey also flagging affordability concerns due to elevated mortgage prices.
Britain's third biggest housebuilder by market cap said pre-tax profit was £237.7 million for the six months ended July 2nd, down around 29% from a year earlier.
Berkeley and Barrett
Of course, with interest rates going up in the UK, many of the other housebuilders have been caught up in this pain as well, including Berkeley and also Barrett, another one I want to show you, because those two have also, like many of their peers, flagged a slump in home sales.
However, for this session, Taylor Wimpey's shares are rising because they flagged that they'll build more homes than expected this year.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Take a position on indices
Deal on the world’s major stock indices today.
- Trade the lowest Wall Street spreads on the market
- 1-point spread on the FTSE 100 and Germany 40
- The only provider to offer 24-hour pricing
Live prices on most popular markets
- Forex
- Shares
- Indices
