Taylor Wimpey disregards housing bubble fears

Thu, 10 Jul 2014

Taylor Wimpey disregards housing bubble fears
According to the house building company Taylor Wimpey, the Help to Buy scheme is driving up sales of homes.

Reports say that 42 percent of Taylor Wimpey's sales this year, up until June 29th, were involved with the Help to Buy Equity Loan scheme.

These sales, totalling 5,766 homes, were 11 percent higher than for the same time period last year, possibly as a result of the high percent of Help to Buy sales.

Commenting on the recent regulations imposed on the market, Taylor Wimpey said: "We consider these to be positive moves for the housing market and our business, reducing the risk of overheating and increasing the long term health of the market. We have no experienced, nor do we anticipate, any significant adverse impact on our customers."

According to this statement, the company does not believe that the scheme has created a housing bubble, and that if it had, the restrictions following the Mortgage Market Review are enough to prevent the bubble from getting to the point of bursting.

Cancellation rates have also dropped from 14 percent to 11 percent, a move put down to the stricter lending conditions, which would mean that people who would not be able to afford the mortgages are not getting through the system.

And, overall, profit margins are reportedly on the rise for the construction company, going up by 3 percentage points in the first half of the year.
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