12 November 2025
If you are covering Taylor Wimpey’s latest financial results, please find below a comment from Oli Creasey, head of property research at Quilter Cheviot:
“Taylor Wimpey's management has described the Group's recent trading as "Resilient... amid challenging conditions", pointing to continued affordability pressure, but also uncertainty ahead of the November Budget, which have combined to create relatively soft market conditions for the company. The sales rate for the second half of 2025 so far is lower than the equivalent period last year by 11%, while the forward order book is slightly smaller as well, down 7%. Underlying prices look flat year-on-year, although build cost inflation is expected to be a low-single-digit headwind.
“Management continues to guide to operating profit of £424m for full year 2025. This is an £8m increase on last year's figure, and while the target is achievable, it must be noted that operating profit in the first six months was c.£20m lower than the year before, and today's trading statement suggests that performance in H2 is so far no better than it was last year. Most sell-side estimates expect the company to achieve the 2025 guidance.
“Also noteworthy is that Taylor Wimpey has added its voice to the growing number of housebuilders calling on the Government to address housing demand, specifically with regards to first time buyer affordability. Thus far, the majority of Government intervention in the housing market has been supply-focused (easing of planning restrictions etc.), but Taylor Wimpey is the second builder this month (after Barratt Redrow) to explicitly state that the Government should consider what levers it can pull to address slow demand as well. This could mean the return of Help to Buy, although there has been no suggestion so far from the Chancellor that this will form part of the budget on November 26th.”
