Taylor Wimpey plc (LON:TW) has announced its half year results for the period ended 28 June 2026
Jennie Daly, Chief Executive, commented:
“We delivered a solid first half performance in a challenging market, reflecting the hard work and commitment of our teams. We achieved a robust sales rate and continued to make positive planning progress supporting further outlet growth.
Against a backdrop of continuing market uncertainty in which affordability remains stretched, we are focused on delivering our strategy and generating value from our strong balance sheet and high-quality, well located landbank. We are managing the business tightly, controlling costs and building resilience for an improved housing market when it comes. Reflecting the prolonged nature of the downturn which has reduced expected profitability and cash generation, the Board has reviewed the level of cash returns and deemed it prudent to revise our Distribution Policy to preserve balance sheet strength, retain financial flexibility and support our commitment to optimising shareholder returns through the cycle.
Housebuilding drives growth, jobs and opportunity across the UK, and getting first time buyers onto the housing ladder is essential for a functioning housing market. Rising build costs and the cost of regulation are making it harder to build in the places where homes are needed most. As one of the country’s largest private and affordable homebuilders we are well positioned to deliver, and we look forward to working with Government on practical measures to unlock demand and support housing delivery.”
Group financial highlights:
| H1 2026 | H1 2025 | Change | FY 2025 | |
| Revenue £m | 1,683.0 | 1,654.6 | 1.7% | 3,844.6 |
| Adjusted operating profit* £m | 129.7 | 161.0 | (19.4)% | 420.6 |
| Adjusted operating profit margin*† | 7.7% | 9.7% | (2.0)ppt | 10.9% |
| Profit before tax and exceptional items £m | 118.6 | 148.1 | (19.9)% | 394.2 |
| Profit / (loss) before tax £m | 116.8 | (92.1)1 | – | 146.5 |
| Basic earnings / (loss) per share pence | 2.5 | (1.7) | – | 2.8 |
| Adjusted basic earnings per share pence†† | 2.5 | 3.2 | (21.9)% | 8.0 |
| Tangible net assets per share pence† | 117.1 | 117.5 | (0.3)% | 117.6 |
| Net cash‡ £m | 168.6 | 326.6 | (48.4)% | 342.6 |
1After exceptional charges, including £222.2 million increase in cladding fire safety provision and £18.0 million in relation to CMA affordable housing contribution and cost of fulfilling commitments
N.B. Definitions can be found at the end of the Group financial review
Key highlights
| • | Group completions including joint ventures of 4,986 homes (H1 2025: 5,264) |
| • | UK completions excluding joint ventures of 4,723 homes (H1 2025: 4,894), with affordable completions of 1,017 (H1 2025: 1,059) or 21.5% of total UK completions (H1 2025: 21.6%) |
| • | Net private sales rate of 0.75 per outlet per week (H1 2025: 0.79), 0.68 excluding bulk deals (H1 2025: 0.73), with a cancellation rate of 14% (H1 2025: 16%) |
| • | Total order book representing 6,882 homes, excluding joint ventures, with a value of £1,929 million as at 28 June 2026 (29 June 2025: 7,269 homes with a value of £2,116 million), including 3,410 affordable homes (29 June 2025: 3,640) |
| • | Total UK average selling price (ASP) on completions increased by 6.7% to £334k (H1 2025: £313k) due mainly to regional and product mix |
| • | Recognised as a five-star builder according to the Home Builders Federation (HBF) |
| • | Work in progress (WIP) per UK outlet reduced 6% year on year in line with plans |
| • | Average UK outlets increased by 6% year on year to 219 (H1 2025: 206) |
| • | Converted c.3k plots from the strategic pipeline, a strong uptick on the prior year (H1 2025: c.1k) |
| • | Updated Distribution Policy announced today, revising annual shareholder returns to 4% of net assets to reflect the prolonged market downturn, preserve balance sheet strength and retain financial flexibility |
UK current trading
The market backdrop remains uncertain following a more challenging second quarter, where affordability constraints and increased geopolitical uncertainty impacted customer sentiment and behaviour. While underlying customer demand continues to be good, conversion is taking longer and buyers remain highly price conscious.
In the four weeks to 26 July 2026, our net private sales rate was 0.55 per outlet per week (2025 equivalent period: 0.59), or 0.53 excluding bulk deals (2025 equivalent period: 0.56). The cancellation rate for the same period was 18% (2025 equivalent period: 19%). As at the week ended 26 July 2026, our total order book value was £2,002 million (2025 equivalent period: £2,190 million), excluding joint ventures, representing 7,085 homes (2025 equivalent period: 7,452 homes), of which 73% are exchanged (2025 equivalent period: 74%).
While underlying pricing has been broadly stable in recent weeks, it remains on average approximately 2% below prior year levels.
In the first half, we opened 39 outlets, compared to 32 in the same period last year, resulting in average outlets of 219 (H1 2025: 206), and ended the period with 228 outlets (H1 2025: 209). We remain focused on progressing outlet openings and are on track to open more outlets in 2026 than in 2025 and continue to expect higher average outlets in 2026 than in 2025.
We continue to maintain tight discipline on capital deployment and WIP, reducing average WIP investment per outlet by 6% year on year.
With a high-quality, well located landbank and with planning reform providing further opportunity for strategic land pull through, we remain highly selective in our approach to land, approving c.3k plots in the first half (H1 2025: c.3k).
Guidance and outlook
We expect market conditions to remain challenging for the remainder of the year, with underlying pricing below prior year levels and full year build cost inflation of c.3-4%.
We continue to support the Government’s housing ambition. However, without targeted demand support and viability measures to unlock delivery, weaker demand, rising costs and limited affordable housing funding risks reducing sector output and UK economic growth.
Reflecting the lower first half sales rate and ongoing market backdrop, we expect UK completions excluding joint ventures for the full year to be between 10,600 and 10,800 homes, within the lower half of the range provided in March. Blended UK average selling prices are expected to be around 1% higher than last year, due mainly to regional and product mix. H2 2026 Group net operating expenses are expected to be broadly in line with the first half, with net finance costs for the full year of c.£25 million.
Year end net cash is expected to be c.£250 million, after approximately £100 million of cladding-related cash outflows. We remain focused on disciplined execution, improving capital efficiency and maintaining balance sheet strength, positioning the Group to navigate current market conditions and deliver long term value.
