Taylor Wimpey surges on strong demand

The price of shares in FTSE 100 housebuilder Taylor Wimpey (LON:TW.) has shot upwards by 19.87% to 147.80p (as of 12:10 GMT) after reporting a solid recovery after reopening. Cancellation rates remain above historic levels, but demand has been resilient and helped by the extension of government support schemes. All sites are currently operating in compliance with COVID guidance and the company has increased its spending on land to ensure future returns.

CEO Pete Redfern commented: “The trading backdrop remains resilient and the quick recovery of the housing market is testament to the underlying strength of demand and supportive lending backdrop.

We have made good progress in the second half of the year to date, maintaining a robust sales rate and building a strong forward order book. Looking ahead, we are on track to deliver full year 2020 results towards the upper end of market expectations and with strong operational momentum and positive forward indicators, our confidence in 2021 has increased. As a result, assuming the market remains broadly stable, we expect to deliver 2021 operating profit materially above the top end of the current consensus range“.