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 addressing the undersupply of new housing in the UK and we aim to make our homes affordable to a wide range of people. Our approach includes:
In 2024, we completed 10,593 new homes (2023: 10,848), including joint ventures. This is consistent with the previous year, reflecting ongoing challenging market conditions. The average selling price of our homes in the UK (private sales) was £356,000 (2023: £370,000). 31% of homes were sold to first time buyers.
Apartments can be more affordable and help us provide more homes on our developments. In 2024, 11% of completions (including joint ventures) were apartments (2023: 12%).
A well-functioning planning system is key to achieving the Government’s aims for growth in housebuilding. We have engaged with government on this issue during 2024, including our CEO meeting with the UK Prime Minister.
We support a range of initiatives to help customers to buy their own home or make it easier to get a mortgage. In 2024, these included:
Own New: Launched in 2024, this partnership between Taylor Wimpey and leading mortgage lenders enables customers to benefit from a reduced mortgage rate.
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 (2.75% of unsold value).
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 selected new build homes with just a 5% deposit.
Mortgage Contribution Scheme: A contribution of up to £12,000 towards mortgage repayments to reduce monthly mortgage payments by up to £500 a month over two years.
Supporting key workers and our armed forces: 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.
Green mortgages: Green mortgages are offered by some UK banks and building societies to encourage homeowners to buy energy-efficient and environmentally friendly homes. Benefits can include a cheaper rate, a higher loan or a standard rate with cashback.
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 2024, we delivered 2,199 affordable homes including joint ventures (2023: 2,388), equivalent to 22% of completions (2023: 23%).
Our updated standard affordable house types integrate feedback from housing associations on optimal sizes and layouts.
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.