Taylor Wimpey PLC (LSE:TW.) expects to report annual operating profit at the top-end of guidance despite an uncertain market and challenging planning backdrop.
The housebuilder said total completions in 2023 were 10,848, down from 14,154 in 2022, with UK home completions down to 10,438 from 13,773.
The net private reservation rate for 2023 was 0.62 homes per outlet per week compared to 0.68 in 2022 with UK average selling prices up 5.1% to £370,000.
The company said build cost inflation continued to moderate throughout the second half of 2023 and it expects a figure of around 4% in the first half of 2024.
Looking ahead, Taylor Wimpey said it has seen "good levels of enquiries so far this year and it is encouraging to see recent mortgage rate reductions which will improve affordability”.
However, Jennie Daly, CEO, cautioned that "in the short term the market remains uncertain and the planning backdrop extremely challenging".
Profit for 2023 is seen at the top end of the guidance range of £440 million to £470 million.