A lack of affordable housing is one of the biggest challenges facing people across the UK with many people unable to buy or rent their own home.
We can play a part in by increasing the supply of new housing and making our homes affordable to a wide range of people. Our approach includes:
In 2023, we completed 10,848 new homes (2022:14,154), including joint ventures. The drop in completions reflects the challenging market conditions during 2023. The average selling price of our homes in the UK (private sales) was £370,000 (2022: £352,000). 29% of homes were sold to first time buyers.
Apartments can be more affordable and help us provide more homes on our developments. In 2023, 12% of completions were apartments (2022: 11%).
Help to Buy
Around 12% of sales used the Government’s Help to Buy scheme in 2023. This scheme is now closed.
Home Reach
We work with Helyo Housing to offer Home Reach, a government-backed shared ownership scheme. This allows customers to buy between 50-75% of a new home with a 5% deposit and pay a low monthly rent on the remaining share.
Home Stepper
A shared ownership scheme offered in partnership with affordable housing provider Sage Homes enabling customers to purchase up to 75% of the home.
First Homes
A scheme that helps local people, particularly key workers, to buy their first home at a discount of at least 30% compared to the market price. This scheme is being gradually rolled out.
Deposit Top-up
Buyers put down a 10% deposit and we top it up by 5%, supporting those buyers without a sufficient deposit.
Deposit Unlock
Developed by the housebuilding industry and mortgage lenders, this enables some customers to get a mortgage for a new build home with just a 5% deposit.
Mortgage Contribution Scheme
A contribution towards mortgage repayments to make buying a home more affordable.
Own New
A scheme being launched in 2024 that will enable customers to benefit from a reduced mortgage rate and to buy a home with a 5% deposit.
We also support customers to better understand and plan for the costs associated with owning a home by providing an Affordability Schedule at reservation. This outlines costs they may occur over the next ten years including likely maintenance costs for the property and details of any service charges.
Most of our developments include affordable social housing (homes made available at below market rates including social rent, affordable rent, low-cost home ownership and discount market sale tenures) which are negotiated as part of planning obligations. In 2023 we delivered 2,388 affordable homes including joint ventures (2022: 2,920), equivalent to 23% of Group completions (2022: 21%).
Our updated standard affordable house types integrate feedback from housing associations on optimal sizes and layouts.
We offer key workers a discount up to the value of £15,000 off the purchase price of a new home at many of our developments. This includes people working in education, the NHS, police and fire services and other public sector roles.
We also have a discount for armed forces personnel at many Taylor Wimpey developments, with up to £500 off for every £25,000 spent. We participate in Forces Help to Buy at many of our sites. This government-run scheme enables Armed Forces personnel to borrow up to 50% of their annual salary (up to a maximum of £25,000 interest free) to put towards the purchase of a home. We are also a signatory to the Armed Forces Covenant.
We want our homes to be accessible to all potential customers, including those with reduced mobility. The majority of our new house types offer improved accessibility, in line with the optional requirements in Building Regulations Part M (4)2. This means they are suitable for a range of potential occupants, including people with reduced mobility and some wheelchair users. Around 60% of homes planned in the last year already meet this standard and we expect this to increase to 90% over the next five years as we roll out our new house types. We also have six house types designed to be fully wheel-chair accessible.
Ground floor flats in our new standard apartment range are also compliant with the optional requirements in Building Regulations Part M (4)2.
