Taylor Wimpey Sees Huge Demand For Homes

Taylor Wimpey Sees Huge Demand For Homes by Ashly Chole last updated on July 02, 2022

The performance of Taylor Wimpey was impressive in the 2021 financial year equipped with a 2.5 billion pounds order book value. The home completions in the United Kingdom jumped by 47 percent amid a surge in demand to 14,087. Simultaneously, the overall average prices increased to 300,000 pounds in 2021 from 288,000 pounds in 2020.

CEO Pete Redfern said they witnessed an excellent performance last year as the market condition was favorable and the company embraced strong home demands. Their strategic land buying amid the COVID-19 pandemic and lockdown period accelerated investments with respect to attractive margins.

He added that the company is placed well to deliver the target homes and increase the dividends to shareholders over the long run.

The net cash with the financial year-end was 837 million pounds and it was more than that of 2020 when the figure was 719.4 million pounds. However, Taylor Wimpey faced some challenges from disruption in the supply chain as well as inflation. The cost of building houses simultaneously increased.

About Taylor Wimpey

Taylor Wimpey was founded in July 2007 with the merger of Taylor Woodraw with George Wimpey, the two rival giants, and currently is one of the largest homebuilders in the UK markets. It is listed on NSE and an FTSE 100 Index constituent. It is headquartered in High Wycombe, Buckinghamshire, UK.

COVID-19 Pandemic Effect

Taylor Wimpey was forced to shut down its UK sites on 23 March 2020 in the wake of the COVID-19 pandemic and lockdown measures announced by the government. After closure for six weeks, it released a timetable for resuming the jobs. It talked about remobilizing. Even though the show homes were closed, the company claimed the sales continued as before. It simultaneously carried on a manufacturing project to supply care homes and GP surgeries equipped with face visors.

Taylor Wimpey Operations

The company is headquartered at GateHouse in High Wycombe. It has 24 more regional offices across the UK. Pete Redfern has been the chief executive since July 2007. He announced late last year to be stepping down following the appointment of a successor. Early this year, it was revealed that Jennie Daly, the operations director of the company, would become the new CEO soon. Irene Domer is the chairperson of the company.

Taylor Woodrow and George Wimpey

Taylor Woodrow was founded by Frank Taylor, a teenager of just 16-year-old, in 1921. As his age was not perfect to form a company, his uncle Jack Woodrow had to lend his name.

George Wimpey was founded in 1880 by Walter Tomes and George Wimpey in Hammersmith.