Taylor Wimpey shares lower despite positive sales news

Shares in housebuilder Taylor Wimpey (LON:TW.) dropped by 3.68% to 185.18p (as of 11:25 BST) despite robust trading during the spring selling season. Underlying demand was strong and consumer access to credit was good, but there were signs of cost inflation.

CEO Pete Redfern said: “We’ve made a good start to 2019 and in spite of wider macroeconomic uncertainty, the housing market has remained stable. We are achieving a record sales rate and building a solid forward order book for the year, although we see increased build cost pressures.

“We continue to make encouraging progress in embedding our customer-centric strategy and driving significant improvements in our quality and delivery, and it was pleasing to be recognised by the Home Builders Federation (HBF) as a five-star homebuilder in March this year. Our priority is to enhance every step of our customers’ buying and aftercare service so that we deliver the highest quality homes and become the first choice homebuilder.

“Looking ahead, we are focused on delivering our ambitious strategic goals to drive sustainable growth and create long term value for our customers and shareholders“.