UK's Taylor Wimpey cuts jobs amid housing slowdown

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British homebuilder Taylor Wimpey said it was cutting jobs as it seeks to reduce costs after flagging weaker sales and forecasting it would build about a quarter fewer homes this year than in 2022 in the face of a slowdown in the housing sector.

The company said in January that it was expecting to generate annualised savings of about 20 million pounds from cost-saving steps.

"Taylor Wimpey has indicated that sale prices are likely to remain firm despite recent house price index evidence," Oli Creasey, equity research analyst at Quilter Cheviot, said.in February and mortgage approvals dropped to the lowest level since 2009. The order book - a key industry measure that gauges future sales performance - stood at 2.15 billion pounds as of Feb. 26, down from 2.90 billion pounds a year earlier.

 

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British house for new comers 🚣🏿‍♂️ ☺️

High prices,sales slow down… shocker

Well, that’s awfully surprising

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