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Housebuilder Taylor Wimpey has reported interim profit up 16.3% on 2021 despite a dip in turnover, and said it now expects year end results to be at the top end of expectations.

Reporting results for the six months to 3 July, the firm, now steered by new chief executive Jennie Daly, announced pre-tax profit of 拢335m, up from 拢288m, on revenue of 拢2.08bn, down 5.4%.

Jennie Daly hailed an 鈥渆xcellent financial and operational performance鈥� against 鈥渟trong comparator鈥� last year, a period when the government鈥檚 post-covid stamp duty cut was still in force.

However, the business also admitted that 鈥減revailing build cost inflation鈥� had now hit around 9-10%, albeit it maintained that additional costs were still being 鈥渇ully offset鈥� by house price growth, and said around 1,500 homes in its planning pipeline were now held up by the 鈥渘utrient neutrality鈥� crisis affecting a number of English planning authorities.

Daly said the housebuilder delivered the interim numbers on completions of 6,790 homes, 8% down on the same period in 2021, but which she said was nevertheless 鈥渟lightly ahead of guidance鈥�.

Private sales per site per week in the period fell to 0.90, from 0.97 in first half of 2021, while the private average selling price increased by 3.1%.

The firm鈥檚 results statement said that in the last four weeks Taylor Wimpey鈥檚 net private sale rate had fallen to 0.57 per site per week 鈥� but that this drop was not down to a wavering market, instead stating it was to do with its own 鈥渃onstrained availability鈥� of stock and 鈥減roactive steps we are taking to manage our order book length to deliver on pricing.鈥� It said: 鈥淐ustomer interest has remained strong鈥�.

The firm said the market: 鈥渃ontinues to be resilient despite inflationary pressures in the wider economy and recent rises in the Bank of England base rate. There remains good availability of attractively priced mortgages, and we continue to see a healthy level of demand for Taylor Wimpey homes.鈥�

Taylor Wimpey said it remained on track to deliver 鈥渓ow single digit鈥� growth in completions in 2022 on the 14,087 homes it built in 2021, and now expects operating profit to hit the top end of the 拢873m to 拢924m range predicted by analysts.

The firm said it was still encountering planning 鈥渂ottlenecks with a backlog and shortage of resources鈥� in local authorities, and had been hit by Natural England guidance preventing local authorities approving residential applications in areas where protected rivers have been affected by pollution.

The statement said this 鈥渘utrient neutrality鈥� issue was 鈥渂eginning to impact land availability in affected areas.鈥� It said: 鈥淭his has the potential to cause delays to site starts and could affect up to 1,500 owned Taylor Wimpey plots expected for completion over the next five years. We are actively engaged with government, local authorities and other stakeholders seeking a resolution.鈥�

Jennie Daly said: 鈥淚 am pleased to report an excellent financial and operational performance with completions in the first half slightly ahead of expectations.

鈥淲hile we recognise and are closely monitoring wider macro-economic and political uncertainty, housing market fundamentals remain positive, supported by an enduring supply and demand imbalance and good availability of attractively priced mortgages. Demand for our homes remains strong and we now expect full year Group operating profit to be around the top end of the current market consensus range.鈥�