Taylor Wimpey says it's business as usual after Brexit vote

The Guardian

 Taylor Wimpey has shrugged off Britain’s decision to leave the EU, saying that one month after the vote trading was normal for this time of year.

The housebuilder said on Wednesday that it was closely monitoring customer confidence, but in the short term at least it was business as usual.

Pete Redfern, Taylor Wimpey’s chief executive, said: “While it is still too early to assess what long-term impact the EU referendum result will have on the UK housing market, there has been no meaningful change to date, with trading in the last month at a normal seasonal range.

“Customer interest continues to be high, with a good level of visitors both to our developments and to our website.”

The sentiments were echoed by challenger banks Shawbrook and Metro, which said there had been no change in customer behaviour since the 23 June referendum.

In the runup to the vote, members of the remain camp warned the housing market was vulnerable to a shock if the UK voted to leave the EU because of weaker growth and dwindling consumer confidence. 

Christine Lagarde, head of the International Monetary Fund, warned of a possible stock market and housing crash.

Shares in UK housebuilders fell sharply after the result, and while they have recovered some of the losses, prices remain below pre-referendum levels.

Taylor Wimpey was one of the FTSE 100’s biggest risers on Wednesday following its confident statement, with shares up 4.2%. 

It said that immediately after the vote it had seen a small increase in the number of people cancelling plans to buy a new home but cancellation rates were now back to their previous low levels.

Read more at: https://www.theguardian.com/business/2016/jul/27/taylor-wimpey-says-its-business-as-usual-after-brexit-vote