Post-Brexit uncertainty fails to dampen the building industry as housing developer Taylor Wimpey says trading has remained ‘resilient’

ANY UNCERTAINTY about the post-Brexit economy has failed to dampen the building industry as developer Taylor Wimpey said trading remained "resilient" during the second half of this year.

The firm’s chief executive Pete Redfern said the housebuilder had a strong order book throughout the rest of this year and into 2017.

The FTSE 100 company sold 0.70 homes per week compared with 0.74 over the same period in 2015, while cancellation rates rose to 13% from 11%.

It said customer confidence was high, but parts of central London had seen prices soften at the upper end of the market as the economy reacts to Brexit.

However, the firm warned that building costs were set to pick up by 3% to 4% this year, as the supply of skilled workers fails to keep pace with the demand for new homes.

Mr Redfern added: "Trading during the second half of 2016 and into the autumn selling season has been strong, with good levels of customer confidence and demand underpinned by a wide range of mortgage products.

"While there remains some uncertainty following the UK's vote to leave the European Union, we are encouraged to see that the housing market has remained robust and trading has remained resilient."

The High Wycombe-based firm said its total order book was ahead of last year at £2.3billion, compared with £2.1billion, to the week ending November 1.

It said net cash would come in at around £360million for 2016, up from £223.3million to the end of December last year.

Their encouraging figures come despite grim warnings over the sector’s future in the wake of the historic vote to leave the EU.

Earlier this month Britain’s second biggest housebuilder Persimmon said sales were up nearly a fifth since the referendum.

It described trading in the weeks after the vote as “encouraging”, and revealed it also secured £757million of future sales beyond 2016, 4% up on this time last year.