Taylor Wimpey, one of Britain's largest housebuilders, has reported an 11% decline in weekly private sales per site during the key autumn period, attributing the slowdown to uncertainty ahead of the upcoming UK budget. The company's weekly average fell to 0.63 between 30 June and 9 November, compared with 0.71 in the same period last year.
Chief executive Jennie Daly said market conditions remain challenging, with potential buyers holding back due to budget uncertainty and ongoing affordability pressures. The company's order book also shrank to 7,253 homes as of 9 November, down from 7,771 a year earlier, with a value of £2.1bn.
Rumours of a potential new tax on homes worth more than £500,000 have been circulating since August, though it remains unclear whether Chancellor Rachel Reeves will implement such a measure. The uncertainty has led analysts to describe the autumn selling season as effectively cancelled.
Despite the slowdown, Taylor Wimpey expects its completion rate and operating profit to remain in line with previous guidance. The company noted that underlying pricing is expected to stay broadly flat, while building costs continue to rise at a low single-digit rate.
Daly expressed confidence in the medium-term outlook, citing compelling housing market fundamentals and the company's ability to deliver profitable growth. The budget on 26 November is seen as a key catalyst for the sector's direction.
