UK housebuilder buoyed by improved conditions

British housebuilder Taylor Wimpey today said its UK order book was up 67% since the turn of the year after trading conditions “improved significantly”.

In a further sign of increased buyer confidence, the group added that cancellation rates had fallen from 46% in the second half of 2008 to 19% for the first half of this year.

Lower selling prices and a decrease in completions in 2008 meant Taylor Wimpey’s UK arm reported a loss of £7.3m (€8.6m) in the first six months of this year, compared with profits of £63.4m (€74.5m) a year earlier.

However, it said the market had stabilised and that it was able to reduce the number of incentives being offered on new home sales.

It also signalled the end of its Bryant Homes and George Wimpey brands, with all new outlets in the UK to be branded as Taylor Wimpey.

The company, which also has operations in the United States and Spain, was created from the merger of Taylor Woodrow and George Wimpey in 2007.