UK service sector growth hindered by ‘pingdemic’ and inflation – business live

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Taylor Wimpey, one of the UK’s biggest housebuilders, has returned to profit and upgraded its earnings targets after building a record number of homes in the first six months of the year.

The High Wycombe-based firm built more than 7,300 homes in the first half of 2021, almost all of which have been pre-sold, allowing the company to lock in the benefit of soaring house prices triggered by cheap loans, the government’s stamp duty holiday and a pandemic-driven preference for larger houses.

The FTSE 100 housebuilder reported a pre-tax profit of £287.5m for the six months to early July after a £40m loss in the same period last year in the wake of the coronavirus pandemic.

Pete Redfern, Taylor Wimpey’s chief executive, said the company expects to complete between 13,200 and 14,000 houses in 2021, and reach an operating profit for the year of about £820m.

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