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Demand for new homes jumps as property market reopens

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Written by: Lana Clements
05/06/2020
Cancellation rates have remained very low since the start of the coronavirus crisis, as 95% of buyers stay committed to their purchase
Demand for new homes jumps as property market reopens

Homebuilder Taylor Wimpey has reported a surge in demand since the government eased restrictions on the property market.

The builder has reopened most of its show homes and sales centre sites in England and said there had been a very high level of demand for appointments.

Web traffic has increased by almost a third compared to the same period last year, it added.

Despite lockdown, Taylor Wimpey’s order book has continued to increase and as of the week ending 31 May the total value stood at approximately £2.77bn, up from £2.51bn at the same point in 2019.

Low cancellation rates

Cancellation rates have remained at a low level during the crisis, the builder said.

In the nine weeks since the start of lockdown there were 306 cancellations, representing five per cent of the private order book over that time, compared to 386 in 2019 representing six per cent of the private order book.

The builder said construction had restarted at most sites in England and Wales and preparation was underway to restart in Scotland in line with government guidance.

The group said it was on track to reach meaningful production capacity from the end of the month.

Lockdown knocked total group completions in the 22 weeks to 31 May to 2,455, down from 4,052 in the same period last year.

All Taylor Wimpey employees have now returned from furlough.

And the builder said there had been a good level of interest in a five per cent discount scheme for NHS and care workers launched to recognise their significant and continuing contribution during the crisis.

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