Reporting its results for the year ended 31 December, the housebuilder said, although it was still early in the year, current trading was up on the quarter four last year.
Mortgage rate cuts, early signs of stabilised customer confidence, seasonal trading patterns and promotional activity were behind the improvement.
The rate of buyer cancellations was 17 per cent compared to 14 per cent in the same period last year while the level of down valuations remained low.
The company posted a year-on-year increase of 21.8 per cent in profit before tax from £679.6m to £827.9m.
Despite the positive start to Spring buying season, the housebuilder retains a cautious outlook for the year.
Taylor Wimpey: Affordability concerns for first-time buyers
The report read: “While it is encouraging to see an uptick in sales and ongoing robust customer interest in our homes, as previously announced, our reservation rate is significantly lower than in recent years as affordability concerns weigh, particularly for first time buyers, and we have reflected this in our build programmes for the year.”
Taylor Wimpey expects average pricing for its private completions to remain at £367,000 in the first half of 2023, similar to the levels achieved in H2 2022.
