Taylor Wimpey PLC (LSE:TW.) reported a "good start" to the spring house selling season, though the weekly sales rate and order book remain down on last year.
The FTSE 100 housebuilder said progress was in line with expectations, with some stability appreciated in a year where it has stated the focus is on "value over volume", to position for potential improvement in mortgage rates and housing market conditions next year.
Net private sales for the year to last Sunday, 21 April, was 0.73 per outlet per week, slightly below last year's 0.75, though the cancellation rate has fallen to 13% from 15%. However, excluding bulk deals, sales rates have increased from 0.66x last year to 0.69x.
The value of the 7,686 homes on the order book stood at £2.09 billion, down 12% on a year ago by value and 10% by number of homes.
Chief executive Jennie Daly said: "While we are mindful of ongoing market uncertainty and affordability challenges, it is pleasing to see continued market stability supported by good mortgage availability and sustained customer confidence."
Looking ahead, she said: "We remain focused on driving value and investing in the long-term sustainability of the business, and we remain on track to deliver our guidance for 2024 while ensuring we are positioned for growth from 2025, assuming supportive market conditions."
There was no change to guidance, which remains for 9,500-10,000 home sale completions, of which 45% are expected in the first half, with lower first-half profit margins due to lower pricing and build cost inflation of around 4%.