Taylor Wimpey announce new CEO, as construction output grows

Halifax reports record average property price

This week saw Halifax publish their house price index, revealing that – whilst growth slowed in January – the average house price reached a record high.

House prices grew by just 0.3% in January – the lowest rise since June 2021 – but the average property price reached a high of £276,759.

Job swap in Government as construction output grows

Boris Johnson reshuffled his cabinet this week, replacing Chris Pincher with Stuart Andrew as Minister of State for Housing at the Department for Levelling Up, Housing & Communities.

Chris Pincher, in turn, has taken Stuart Andrew’s previous role, as deputy chief whip.

Meanwhile, official figures have revealed that construction activity has overtaken pre-pandemic levels after output rebounded 12.7% in 2021.

Data from the Office for National Statistics also reported construction inflation at 6.2%, with housing suffering the highest price inflation rate of all sectors, at 10%.

These figures were backed up by completion data from NHBC, which showed that new home registrations in the UK grew 25% in 2021 against 2020, with the private sector leading the improvement.

However, project start values have fallen for the fourth month in a row, according to Glenigan. A report from the information provider has revealed that the value of work starting on site for projects worth less than £100m was 31% lower than a year ago.

Redrow half-year completions hit by planning delays

Redrow blamed the planning system for a drop in half-year completions, in results announced this week.

During the six months to January 2022, the housebuilder’s completions fell from 3,065 in the first half of the year to 2,749. Group CEO Matthew Pratt pointed to planning delays and under-resourced planning departments for the fall.

Meanwhile, Barratt announced a strong first half, with the volume housebuilder expecting to achieve more than 18,000 completions for its full year, ahead of previous expectations.

Bellway also reported good results, reporting housing revenue of £1.78bn in the six months to January 2022 – an increase of 3.5%.

Taylor Wimpey name new CEO

Taylor Wimpey have announced that Jennie Daly will take over the Chief Executive role when Pete Redfern stands down in April.

Daly, who is currently Group Operations Director, brings over 30 years of experience to the role, and will be the first woman CEO of a FTSE 100 housebuilder.

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