Taylor Wimpey profits boosted by Help to Buy scheme

Taylor Wimpey has reported an increase in profits to £589.3M with the Help to Buy scheme accounting for 39% of total sales last year.

The housebuilder saw completion levels rise to 13,808 up from 2015’s figure of 13,219 – an increase of 4.5%.

Of these completions, 2,663 were classed as “affordable” homes.

The average price of a Taylor Wimpey home in 2016 was £255,000.

Shareholders will see dividend payments totalling £355.9M last year and are set to increase further to around £450M in 2017, or 13.8p per share, up 26%.

The Company said trading conditions for the year ahead are “robust” with high levels of demand boosted by a competitive mortgage market and low interest rates.

The short term risks posed by last June’s EU referendum have also been ”significant reduced”.

Taylor Wimpey said they backed the government’s housing white paper and its ambitions to increase housebuilding in the UK.

Pete Redfern, Chief Executive, commented: “In 2016 we delivered an excellent performance set against an uncertain political and economic environment that stabilised in the final quarter.

“The outlook for 2017 is for ongoing stability and incremental price growth, which is a healthy backdrop for our business and our customers.”

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