Taylor Wimpey Exhibits Resilience in Late 2022 Amid Challenging Market Conditions; Shares Attractive

No-moat Taylor Wimpey remains on track to deliver a strong 2022 result despite the recent worsening of prevailing macroeconomic conditions. Sales have slowed in the second-half year to date, aligning with the concurrent performance of homebuilder peers following the substantial increase in U.K. housing market uncertainty in recent months. Consequently, Taylor Wimpey now anticipates flat year-on-year volumes in 2022, backing away from prior guidance for low-single-digit growth. Still, Taylor Wimpey expects to deliver full-year 2022 operating profits, inclusive of joint-venture profits, in line with the market’s current consensus estimate of GBP 922 million.