Taylor Wimpey Earnings: Summer Home Sales Rate Points to Further Improvement in Homebuyer Demand

Investors welcomed no-moat Taylor Wimpey’s first-half 2024 result, warming to recent sales activity that suggests demand conditions are continuing their retracement from their 2023 cyclical nadir. Taylor Wimpey’s first-half 2024 weekly private home sales rate firmed to 0.75, up a pleasing 19% half on half after adjusting for seasonality, responding to improving UK housing market conditions. However, the recent strength in sales activity during the month of July 2024 likely drew the greatest focus for investors, with Taylor Wimpey reporting a weekly private home sales rate of 0.64 for the month of July 2024, a 36% year-on-year improvement in homebuyer demand for the seasonally quiet summer period. Taylor Wimpey shares are up some 3% in early trade, ostensibly buoyed by summer sales activity that reflects continued improvement in homebuyer appetite as 2024 progresses.