The UK residential market is stabilising, housebuilder Taylor Wimpey has claimed, despite entering 2015 with a record £1.4bn order book.
Taylor Wimpey said during the second half of 2014 it saw a return to a healthier and more balanced housing market after a very strong first half of the year.
In the year to 31 December 2014, total home completions increased by 6% to 12,454 (including its share of joint venture completions) from 2013.
During the same period, average selling prices on private completions increased by 11% to £234,000.
At the end of the year, the group had net cash of £113m.
The company has started 2015 with a record order book which has increased in value by 12% to £1.4bn, excluding joint ventures, driven largely by the strength of private reservations.
The order book represents 6,601 homes, which the firm said is the optimum size for the business at this point in the cycle.
Pete Redfern, chief executive of Taylor Wimpey, said: “We are encouraged by the more balanced market conditions, with a lower rate of price growth, which should create a healthy and more sustainable housing market. This is good news for homebuyers and underpins our confidence in developing and growing our business.”
