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Business News

No double-dip recession here, says upbeat Taylor Wimpey

The official figures say construction is dragging down the economy, but there is no sign of a double dip in the housing industry, according to Britain's biggest housebuilder.

Taylor Wimpey is trading at the upper end of management hopes, according to its chief executive, Pete Redfern. He said yesterday: "From a housing point of view it doesn't feel like a double dip. Housing is just a segment of construction – not a massive segment – but 2008 was far more difficult. Our markets are very solid and stable and we are able to make progress."

Taylor Wimpey said year-to-date sales were up 16 per cent on 2011, with sales picking up in the past two months. This echoes previous upbeat signs from the likes of Persimmon, Barratt and Redrow.

Rachael Waring, at Panmure Gordon, said: "It is evident that the housing market has held up well and conditions are stable."

Taylor Wimpey's profits are being improved as it builds on cheaper land bought up since the housing crash.