Builder linked to industry probe will build fewer homes

BRITAIN'S third largest housing developer will build fewer homes this year, it has announced.

- Emily Braeger

It comes days after a watchdog highlighted "persistent shortfalls" in the number of new properties.

Taylor Wimpey was this week named by the Competition and Markets Authority as one of eight builders being investigated over possible collusion that could be pushing up prices.

The group yesterday said it expected to build between 9,500 and 10,000 homes in 2024 excluding joint ventures. Last year, it built 10,438.

It said its earnings almost halved in 2023 due to rising building costs and a slump in new housing completions.

It reported a 48% drop in underlying pre-tax profits of £473.8million in 2023 after its revenues fell by more than a fifth to £3.5billion.

Property expert Jonathan Rolande said it was disappointing that - even with the support of Housing Minister Michael Gove, inset the number of homes being built was reducing despite high demand.

He told the Daily Express: "Mr Gove can ask for as many homes as he'd like, but house builders are under no obligation to do anything but look after their own bottom line.