Taylor Wimpey said first-half 2026 EBIT including joint ventures reached 9.7 million, a modest outperformance versus its prior guidance of approximately 20 million.
In a notable shift for shareholders, the company lowered its capital returns policy from 7.5% of net tangible asset (NTA) value to 4%. That 4% is structured as a minimum 2% dividend plus up to a further 2% that may be paid either as dividends or through share buybacks. Before the change, the firm's dividend yield was 7.1% and its total capital return yield was 10.5%.
Taylor Wimpey reiterated guidance for year-end 2026 net cash of 50 million.
On volumes and pricing, the builder narrowed full-year 2026 UK completions excluding joint ventures to 10,600-10,800 homes, which management described as the lower half of its previous range. The company expects UK average selling prices to rise about 1% reflecting mix, while it forecasts broader house prices to decline between 1.5% and 2%.
Cost pressures remain present: build cost inflation is projected at 3% to 4%. Administrative costs are guided to be around 55 million, with interest costs running at about 4. million.
Management said the updated guidance implies an approximate year-over-year margin reduction in the region of 290-350 basis points.
Sales momentum has softened. For the first half the selling rate was 0.75 homes per outlet per week, or 0.68 when excluding bulk sales. Since the annual general meeting selling rates have weakened by about 6% to 7% to 0.77, or 0.61 excluding bulk sales. Looking at the most recent four-week period, selling rates were reported to be down 5% to 7% to 0.55, or 0.53 excluding bulk sales.
The business operated from 219 outlets during the reporting period and closed the half with 228 outlets. Management continues to expect average outlets for the year to be higher than the 208 recorded in 2025.
Its order book contracted, with volumes down 5% and value down 9%, a change the company attributes to mix effects from Postmark London sales in the prior year. Selling prices in recent weeks have held broadly steady but remain roughly 2% below year-ago levels.
This report presents the company's published results and guidance for the periods and metrics specified above.