Housebuilder and contractor tells analysts that house sales will be 6% lower than estimated but predicts that 2004 profit expecations would be met.

Taylor Woodrow has warned that its house sales for 2004 would be 6% lower than previously estimated.

The group said in a trading update that the housing market had reverted to a lower level of activity compared to the second half of 2003 and that buyers were taking more time to commit to purchases.

There had been modest increases in average selling prices, however, which Taylor Woodrow said would ensure that 2004’s profit expectations would be met.

Taylor Woodrow said that the housing market still remained attractive because of low unemployment, a continuing low interest rate environment, a recognised shortage of housing stock and reasonable consumer confidence.

  • Taylor Woodrow’s development arm has announced the restructuring of its board ahead of the retirement of operations director Denis Mac Daid in June 2005. The existing UK business regions of Taylor Woodrow Developments will report into four operational areas. TWD's commercial director Ed Hinchliffe will become operations director with responsibility for the East and West Midlands. Nick Smith, currently TWD's director of land and planning, will become operations director with responsibility for the South, South West and South East. Graeme McCallum and Tony Wilby continue in their current roles as TWD operations directors.