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Taylor Wimpey shares jump after 2018 update

Shares in Taylor Wimpey jumped more than 7 per cent this morning after the company provided a strong trading update for 2018.

The update for the year ending 31 December, released this morning, stated that the firm had not been hurt by the prevailing economic and political uncertainty during the past year.

Chief executive Pete Redfern said: “Despite wider macroeconomic uncertainty, the housing market remained stable during 2018 and we had a good trading performance.”

Completions were up 3 per cent, from 14,451 to 14,497, and the average selling price on private sales was up 2 per cent, from £296,000 to £301,000.

The update came with a warning that customers in London and the South East had been more cautious towards the end of 2018.

Shares in the housebuilder by turnover were up 7.4 per cent by mid-morning following the news.

Begbies Traynor partner Julie Palmer said the results were good news for the housebuilding sector and showed it would be able to weather any Brexit turbulence.

“This goliath of the industry is well placed to ride out any slump that arises from the uncertainty created until the terms of a Brexit deal, or no deal, are revealed,” said Ms Palmer.

“The fact is that there is still a housing shortage in the UK, so as the population continues to grow, there will still be demand for greater stock in the market; companies such as Taylor Wimpey hold the land to provide these homes.”

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