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Taylor Wimpey upbeat as housing market shows signs of stability

House builder Taylor Wimpey has seen ‘continued stability’ in the UK housing market since April, the firm announced today.

Order books stand at £971 million up 73 per cent from its 2008 year end figure of £562 million, which the firm said ‘represents good progress in current market conditions’.

In a trading statement to the stock exchange today the firm said: “We have been encouraged by the ongoing stability in the housing market, but remain cautious with regard to the prospects of the wider economy and in particular, the potential rising of unemployment.

“We will retain focus our focus particularly on cost reduction until the profile of any recovery becomes clearer.”

The firm said it would look to increase the number of outlet openings during the second half of the year if current market stability is sustained.

It added: “Whilst we remain cautious on land buying, opportunities are starting to emerge to purchase good quality land at prices that should be value creating for Taylor Wimpey.”

It currently operates from 337 outlets down slightly on 386 at the end of December 2008.

Taylor Wimpey said: “We have strengthened our financial position significantly during the first half of 2009, having agreed the restructuring of our debt facilities and successfully completed our Placing and Open Offer to raise net proceeds of £510 million.”

Taylor Wimpey said that stability in the US ‘gives cause for optimism’ but the Spanish market continues to be weak and its planned exit from the Gibraltar market remains on course. 

The firm will announce its half year results for the six months ending 30 June 2009 on 5 August 2009.