Housebuilder Taylor Wimpey said low housing supply and high demand were driving healthy sales growth but played down the risk of the UK market overheating. The chief executive, Pete Redfern, acknowledged on Monday that conditions were perfect for housebuilders, with a shortage of housing and rising demand as wage growth started to outpace inflation. But he said there was no need to fear a housing bubble: “While the market has been healthy, it’s not taken off as it has in previous years, it’s more sustainable. We’re not saying the housing market is not cyclical but the cyclicality seems more muted. It’s a good market, not a rampant one.” The firm’s rate of sales this year is 0.76 per outlet per week, up from 0.66 at this stage last year, as the traditionally weaker summer months proved better than usual. Taylor Wimpey is closely watching the progress of the housing and planning bill to see whether the right regime is put in place for new “starter homes” that sell for 20% below market rate. Redfern said the details of the bill would determine whether starter homes, which have faced criticism that they are not genuinely affordable, were an opportunity or a… Read full this story
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