Taylor Wimpey cut its 2026 target for U.K. home completions excluding joint ventures to about 10,500, below its previous 10,600-to-10,800 range with the same scope, as borrowing costs weighed on buyers, The Independent reported Wednesday.
Taylor Wimpey said underlying earnings would be at the bottom end of expectations, according to the report.
Taylor Wimpey reported a net private sales rate of 0.60 per outlet per week from June 29 through Nov. 8, down from 0.63 in the same period a year earlier, while cancellations remained at 17%, The Independent reported. The outlet described the sales measure as a key performance indicator for homebuilders.
The company kept using incentives to support sales amid slight price declines after June. Taylor Wimpey said rising mortgage rates and living costs had squeezed buyers’ ability to afford homes during a subdued autumn selling season.
The Bank of England raised its interest rate to 4% from 3.75% last week, its first increase in more than three years. Lenders had already been raising mortgage rates in the months before the decision, The Independent reported.
Separate figures from Lloyds, cited by the outlet, showed U.K. house prices fell 1.2% year over year in October to an average of £296,285. That was the largest annual decline in three years, according to the report.
Analysts had estimated adjusted operating profit of £262 million to £299 million, compared with £420.6 million reported for 2025, The Independent said. Taylor Wimpey said it was reducing costs and pursuing further efficiencies as trading conditions remained difficult.
Jennie Daly, Taylor Wimpey’s chief executive, said the company was prioritizing customer support, efficient operations, a strong balance sheet and its strategy. The company’s shares fell 2% in morning trading Wednesday, The Independent reported.
