Highlights

  • Taylor Wimpey completed 11,229 homes in 2025, up from 10,593 in 2024.
  • UK average selling price rose to GBP 374k, contributing to total revenue of GBP 3.8B.
  • Net cash declined to GBP 343M, with the order book totaling 6,832 homes.

Taylor Wimpey plc (LSE:TW) issued a trading statement for the year ended 31 December 2025, ahead of full-year results scheduled for 5 March 2026. The company reported a total of 11,229 group completions, including joint ventures, compared with 10,593 in 2024. UK home completions, excluding joint ventures, reached 10,614, within the midpoint of the company’s guidance range. Affordable homes accounted for 2,220 units, representing 21% of total UK completions.

UK Sales and Pricing
The net private reservation rate in the UK was 0.75 homes per outlet per week, unchanged from 2024. Excluding bulk deals, the net private sales rate was 0.65 (2024: 0.67). The full-year cancellation rate remained at 15%. The average UK selling price for private completions increased to GBP 374k (2024: GBP 356k), while the overall average selling price rose to GBP 335k (2024: GBP 319k).

The company ended 2025 with an order book of 6,832 homes, including 2,902 private and 3,930 affordable units, down from 7,312 homes in 2024. The UK outlet network increased to 219 by year-end, with an average of 208 outlets operating during the year (2024: 216).

Financial Performance
Revenue for 2025 rose to approximately GBP 3.8B (2024: GBP 3.4B), driven by higher volumes, selling prices, and land sales. Group operating profit is expected to reach around GBP 420M, with an operating margin of c.11% (2024: 12.2%). Net finance expense is projected at GBP 30M. Land sales contributed an estimated 60 basis points to operating profit margin but are not expected to recur in 2026. Cash from land sales will be reinvested into smaller sites to improve returns.

Land and Planning
The UK short-term landbank stood at c.77k plots (2024: c.79k plots), with 8k plots approved in 2025 (2024: 12k). The strategic land pipeline was approximately 133k potential plots (2024: 136k). Planning determinations gained momentum in Q4 2025, reflecting applications submitted under the company’s proactive planning strategy.

Spain Operations
The Spanish business completed 494 homes in 2025 (2024: 504) at an average selling price of EUR 455k (2024: EUR 440k). The Spanish order book at year-end stood at 361 homes (2024: 491).

Cash Position and Outlook
Taylor Wimpey closed the year with a net cash position of GBP 343M (2024: GBP 565M). Uncertainty during the second half of 2025 affected order book levels entering 2026. Enquiry levels remain consistent with 2025, and average outlets are expected to increase in 2026. Private sales prices have remained resilient, while bulk deal pricing softened in H2 2025. Build cost inflation is low. The company anticipates a lower operating margin in 2026 and expects performance to be more second-half weighted than in previous years.

Share Performance
TW shares trade at 99.80 GBX, down 3.95% at the time of writing.