Higher-quality locations combined with an increase in the average selling price underpinned a 40 per cent rise in the group operating profit of house builder Taylor Wimpey in 2012.
Average selling prices on private completions increased by 6% to £197,000, according to the group's trading statement for the year ending December 31st.
The overall average selling price increased by 6% to £181,000 and home completions increased by 7% to 10,886.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Overall, the group's net private reservation rate for the full year was 0.58 homes per outlet per week, up from 0.54 in 2011. Cancellation rates were below the long-term average at 15.2%, down from 15.8% in 2011.
Pete Redfern, Chief Executive Officer of Taylor Wimpey, commented: "2012 was another year of significant progress for Taylor Wimpey with an increase of over 40% in Group operating profit. We are delivering on the strategy that we set out in 2011, including a return to UK double digit operating margin ahead of schedule. As we look forward to 2013, we are confident that we will continue to deliver against our key objectives and target further improvement."
MF
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
