Taylor Wimpey Reports Profit Slump but Sees Market Recovery Signs

The UK housebuilder's profits nearly halved in 2023 due to a challenging market, yet early indicators suggest a rebound in homebuyer demand.

Taylor Wimpey's profits fell by nearly 50% in 2023, with revenues dropping over a fifth to £3.5 billion.
Despite the downturn, the company observed early signs of recovery, including improved customer confidence and lower mortgage rates.
The firm plans to build between 9,500 and 10,000 homes in 2024, down from previous years, but anticipates growth from 2025.
An ongoing investigation by the Competition and Markets Authority into alleged data-sharing among housebuilders includes Taylor Wimpey.
Shares of Taylor Wimpey dropped by over 3% following the announcement, reflecting market concerns over the company's short-term outlook.