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Taylor Wimpey (Q4 trading statement 10 January)
The housing market remains resilient, despite signs of weakness in London, with recent data showing a drop of 0.5% in 2017 for the capital’s house prices. The upcoming trading statement should shed more light on how the sector overall is performing. At the end of December the industry was hit by news that the government will ban the sale of leasehold homes, but, with Help to Buy still supporting the market, the outlook remains encouraging. At ten times forward earnings, Taylor Wimpey remains cheaper than the broader sector, which is currently trading on a forward multiple of 16. In addition, it has an expected yield for the year of 2.2%, versus 1.4% for its two-year average.
Taylor Wimpey shares have finally done it, returning to the 211p level seen before the Brexit vote in 2016. The trend higher has been steady and consistent, with each higher low provoking a fresh round of buying. The next level to watch is 223p, being the previous support from 2004. Any pullback that remains above 190p remains a buying opportunity.