Taylor Wimpey invests in London sites for new homes

FTSE 100 housebuilder Taylor Wimpey on Monday said that over the last few months it has agreed deals to buy 70 sites where it can develop properties.

Alongside hiking its profits guidance for 2021 earlier today, the firm said it has been acquiring more land. That includes in Hackney Wick and Leytonstone.

In June in secured £522 million in a fundraise to help it go on a land buying spree. It said at the time that disruption in the market as result of the Covid- 19 pandemic had created “short term opportunities to acquire land from a broad range of sources at attractive returns and prices below pre-Covid-19 levels”.

Taylor Wimpey today said that as a result of the equity raise in June, “we were able to confidently and assertively re-enter the land market at the end of Q2 and take advantage of increased opportunities”.  

It said that since then it has agreed terms on and authorised around £826 million of gross land purchases, comprising 70 sites and around14,500 plots.