Total Group completions (including JVs) were 10,848 (2022: 14,154).

UK home completions (including JVs) were 10,438 (2022: 13,773), which included 2,388 affordable homes (2022: 2,920) equating to 23% of total completions (2022: 21%).

UK average selling prices on private completions increased by 5.1% to £370,000 (2022: £352,000) with the overall average selling price increasing by 3.5% to £324,000 (2022: £313,000). 

The group ended the year with a lower order book valued at £1,772m (31st December 2022: £1,941m), excluding JVs, which represents 6,999 homes (31st December 2022: 7,499 homes), of which 2,565 are private (2022: 2,943) and 4,434 are affordable (2022: 4,556).

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Jennie Daly, CEO at Taylor Wimpey, commented: “We are pleased to have delivered a full year performance in line with expectations and expect to report full year operating profit at the top end of our guidance range.

“Despite the difficult market conditions throughout the year, we maintained a sharp operational focus and delivered a good performance.

“Looking ahead, it is encouraging to see a reduction in mortgage rates, however, in the short term the market remains uncertain and the planning backdrop extremely challenging.

“Taylor Wimpey is a strong and agile business underpinned by a robust balance sheet and an excellent, well-located landbank.

“These attributes enable us to manage the business in all market conditions, delivering quality homes to our customers and long-term value to our stakeholders.

“We remain confident in the attractive medium- and long-term fundamentals of the sector.”