Persimmon Expects Another Challenging Year for UK Home Sales [BNN Bloomberg (Canada)]
TAYLOR WIMPEY UNSP/ADR (TWODY)
NASDAQ:AMEX Investor Relations:
taylorwimpey.co.uk/corporate/investor-relations
Company Research
Source: BNN Bloomberg
The homebuilder said it expects to deliver between 10,000 and 10,500 UK home completions in 2024, compared with 9,922 last year and almost 15,000 in 2022, according to a statement Tuesday. “We do not currently anticipate a major improvement in market conditions in 2024, with a general election likely this year and interest rates expected to remain at current levels for some time,” Chairman Roger Devlin said in the statement. Read More: Bailey Says BOE Can Cut Rates Before Inflation Hits Target British homebuilders have been reeling from a slump in demand after higher mortgage rates and a cost-of-living squeeze hit first-time buyers, a group that accounts for roughly a third of Persimmon's customers. As house completions plunged 33% last year from 2022, the firm slashed hundreds of jobs in a bid to rein in costs. While a steady reduction in mortgage rates since the summer eased the pressure on developers, a recent uptick has kept costs at a much higher levels than homeowners a
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