Hello everyone, and thank you for joining the Taylor Wimpey Trading Update. My name is Gabrielle, and I will be coordinating your call today. During the presentation, you can register a question by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two on your telephone keypad. I will now hand over to your host, Jennie Daly. Please go ahead.
Thank you, Gabrielle. Well, good morning, everyone. A happy New Year to you. As usual, I'm here with Chris. I know that you will have seen today's statement, but I'll say just a few words before handing over for your questions. So there's no doubt that 2025 was another challenging year for the industry. However, despite this, we delivered a robust performance. We are delivering on our strategy and remain confident about how the business is positioned for the medium term, but I'll come back to this later. So first, 2025 performance. We've spoken to you before about how the delayed budget impacted customer sentiment in the second half of the year. So I won't labor this, but given the customer uncertainty this caused, I am very pleased with our robust closeout of the year.
Our UK net private reservation rate for 2025 was 0.75 homes per outlet per week, compared to 0.75 in 2024, with a cancellation rate for the full year of 15%, the same as the prior year. Excluding the impact of bulk sales, the net private sales rate was 0.65, very consistent with the 0.67 we delivered for 2024. Total group completions, including joint ventures, were 11,229, and UK home completions, excluding joint ventures, were 10,614. So in the middle of our guidance range. UK overall average selling price was GBP 335,000, marginally lower than our GBP 340,000 guidance due to mix, including a slightly higher weighting of affordable completions. The softness in the second half inevitably impacted order book, and we ended the year with an order book valued at circa GBP 1.9 billion, a little lower than the circa GBP 2 billion closing order book this time last year.
Given the more subdued autumn customer backdrop, we carried 6,832 homes since 2026. That's 480 units down year-on-year, and as a result, we expect to be more second half weighted this year. Importantly, though, I am pleased to say we continue to make encouraging progress on outlet openings. We traded from an average of 208 outlets in 2025 and ended the year with a total of 219 outlets. Pulling all of this together for you, group revenue for the year increased to circa GBP 3.8 billion, driven by higher volumes, average selling prices, and land sales. As a result, we expect to deliver 2025 group operating profit of circa GBP 420 million and an operating profit margin of around 11% in 2025, which includes 60 basis points benefits for land sales, which I will come back to just shortly.
Turning now to land and planning, we've seen positive planning progress through the year, and this in turn has led to stronger land sales, which we typically do once we get planning or put infrastructure in place. This is consistent with our strategy, and as we set out in October, we will deploy this cash into smaller sites, which will help to give greater breadth of outlets over time and increase group returns. Reflective of our attractive land holdings, the land sold was at a good profit, contributing 60 basis points to our margin, as we disclosed in the statement. So it is worth noting for your models that we don't expect this to reoccur in 2026 to anything like the same level.
I think it's also worth spending just a few moments on the very good progress we have seen in planning in 2025, because it's a key part in progressing towards the medium term targets we outlined in October, and we remain confident in those targets. As expected, we saw a noticeable pickup in decisions in the last quarter. Firstly, we saw a number of planning approvals effectively clearing along the way the determinations by local authorities, where we had previously seen little momentum, but where councils are now feeling pressure to target a five-year housing land supply. A good example of this would be our scheme in [Ryedale] for 311 plots, where the application was four years old on an allocated site.
Secondly, in the final quarter, we also saw a number of important determinations of applications submitted as part of our assertive planning strategy, which has been operating since 2023, including owned sites in Solihull and Berkhamsted, both around 650 plots each. And thirdly, we saw the speedier determination of a number of applications for smaller sites submitted specifically in response to the December 2024 NPPF. And two great examples of this are our applications at Marcham, which was for 103 plots, and Abotts Langley for 192 plots, which demonstrated just how quickly some local authorities are now moving. Both these proposals were submitted following the NPPF, achieved planning committee approval in 10 months and five months, respectively, noting that the Abotts Langley proposal was, in fact, a detailed scheme. So really pleased here, but much more for us to go at. Turning to current trading and 2026.
I know you'll be interested in how the year has started. The usual caveat applies. We're only in the second real week trading, so it's very early in the new year. But as you would have expected, we've released a Boxing Day campaign and are staying very close to customer response. The interest rate cut in December continues the trajectory of rate cuts, which, while largely factored into mortgage rates, are nevertheless helpful for overall customer sentiment. Inquiries are at similar levels to last year, and our focus has been turning that initial interest into appointments on site. As usual, we'll give you full guidance for 2026 alongside our full year results when we have seen how the spring selling season has started. However, we've given you some additional color in the statement this morning, which is hopefully helpful when you think about the moving parts for 2026.
At present, we are continuing to experience low single-digit build cost inflation. Overall, private underlying sales prices remain resilient. However, pricing of bulk sales contracted in the second half of the year was softer, and so overall pricing on the order book is around 0.5% lower year-on-year. This reflects certain site-specific transactions in London, where, given challenging market conditions, we have chosen to transact to reduce sales exposure and recycle capital in line with our plans. Together, these will have an adverse impact on 2026 group operating profit margin, and we've been explicit today that we expect this to be lower in 2026 than in 2025. We remain focused on positioning the business for growth as the market recovers.
As I've outlined, the positive impact of planning reform is noticeable in recent decisions, and with an improving planning pipeline, our teams remain focused and aligned to drive value for our shareholders, including tangible progress in outlet openings to best position us for delivery and growth, and we still expect average 2026 outlets to increase year-on-year. Market improvement may be taking longer than anyone would have liked, but there remain significant opportunities to deliver much-needed homes. We have aligned the business both strategically and operationally to benefit from the improving planning environment, even in a more subdued market, through outlet-led growth, and remain confident this will be demonstrated over the medium term. So thank you, and I'll now hand over for your questions.
Thank you very much. To ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. When preparing to ask your question, please ensure your device is unmuted locally. We will pause here for just a moment as questions are registered. Our first question is from Will Jones from Rothschild & Co Redburn. Your line is now open. Please go ahead.
Thank you. Morning. I'll try three if I can, please. The first, maybe just on your various lead indicators you track, and I think you talked about inquiries being similar year-on-year. Just wondered if that marked any change versus how the second half last year was looking on inquiries compared to prior year. The second was just around pricing and just generally what you think it will take for the group to be able to post, say, a 1%-2% price increase at some point. Is there a certain sales rate we should have in mind, or maybe affordability is getting to the position where you can start to think about that? And then lastly, around outlets, obviously it could move up into year-end. Do you think that 219 can kind of hold in the near term?
I'd appreciate your saying the average will be high year-over-year, but just wondering on that spot figure, perhaps just high-level thoughts for the first half. Thank you.
Okay. Morning, Will. Yeah, thank you. In terms of lead indicators, yeah, I think our inquiry levels were fairly consistent with what we had seen in the similar period in 2024. I mean, that does mark a fairly strong increase on where sort of we were ending the trading part of December. So pleased with that. You'll know that we put some sort of work in last year. We talked about driving better quality inquiries, and I think that we're satisfied that we are seeing better quality inquiries coming through. I mean, just to put a little bit more color around it for you, perhaps not surprisingly, organic traffic was lower, so it was very much driven by sort of paid media and sort of active sort of campaign intervention. But total traffic was pleasing, and we're seeing a strong sort of conversion into appointments sort of following that.
As I say, inquiries consistently really being now how those inquiries start converting over the next few weeks. Around pricing, I mean, probably not surprising, we're continuing to see that differential between north and south. The north has been sort of robust. We've seen some gains, but the south has been very challenging. You'll have noted that comment that I made about sort of London in particular and the choices that we've made there. I am pleased that we are seeing gradually improving affordability, and we're seeing that interest rate play through and sort of wage growth playing through. My comment in the top of the statement around first-time buyers is very much sort of that deposit, still struggling with deposit, that transactional cost. The cost of servicing the mortgage, I think, is a case well made now.
And as always, we look at our plot releases sort of each week, and if there's an opportunity to drive price, then we'll be taking it. And on outlets, yeah, look, we closed the year at 219. You know that in October, November, we were gaining sort of in the range of 210- 215, so a bit of benefit from the slower sales, but generally sort of moving in the right direction. And I'm confident that we will grow average outlets year-on-year.
Thank you.
Thank you, Will. Our next question is from Aynsley Lammin from Investec. Your line is now open. Please go ahead.
Thanks very much. I think I've got three as well, actually. Just following up a bit on Will's comment around site numbers, I mean, just thinking about completions this year, if we assume a stable market, obviously your order book's lower, you're kind of flagging up maybe some weaker trends and demand in the bulk sales. Would you still expect completions to be higher in a stable market in FY 2026, given your kind of expectation around higher average sites? Second question, just on margins, and just to clarify the comment that margins are expected to be lower for FY 2026, is that even once you take out the impact of the 60 basis points of the land benefit, so lower again on that? And then third question, just on the interest cost, I think that was slightly higher than I had in at GBP 30 million for this year.
Would you expect that to be similar in FY 2026 at this point? Obviously, lots of moving parts there, but just generally maybe a bit of color around the interest cost, which was higher. Thanks.
Okay. Thanks, Aynsley. I'll take the first and Chris will pick up on the margin and interest cost. I mean, as you know, look, we won't give volume guidance until the prelims, and once we see the spring selling season sort of mature a little bit. We're starting with a slightly lower order book on a private unit basis, but as I mentioned there, we do expect average outlets to grow year-on-year. So taking your starting point, if we assume a stable market and that 0.75 that we've seen 2025 and 2024, then I'd still expect there to be maybe sort of low single-digit year-on-year growth. Chris?
Yeah. And on the margin, we've tried, Aynsley, to be helpful in this statement by providing visibility on the outturn and components of the 2025 operating margin together with the factors impacting the margin trajectory into 2026. And yeah, you can see clearly that we expect group operating margin to be around 11% in 2025. That figure includes the one-off GBP 20 million half-one charge, as well as the margin-enhancing land sales in half two. And those two impacts broadly offset each other. So the underlying margin for 2025 is essentially the same, 11%, and that forms the starting point for thinking about 2026. Owner-occupied pricing on private homes has remained resilient.
However, as Jennie just touched on, softer pricing on bulk deals secured late in the year means the net underlying pricing in the closing order book is about 0.5% lower than a year ago, and we continue to see lower levels of build cost inflation. Taking these house price and build cost dynamics together, which are both slightly unfavorable, we expect group operating margin to be lower in 2026 than in 2025. As usual, we'll provide further guidance on both pricing and build costs at the prelims when we have had the opportunity to assess trading at the start of the spring selling season. In terms of net finance cost, yes, they were a bit higher in 2025 than we expected at GBP 30 million. You'll recall we guided to GBP 25 million.
That was just due to a number of small movements, including lower bank interest receivable as cash from completions came in a bit later than we anticipated, and higher level of imputed interest on land creditors. We'll obviously give you guidance in March for 2026, but overall, I'm not expecting them to change much year-on-year.
Great color , thank you very much.
Thanks, Aynsley.
Thank you, Aynsley. Our next question is from Ami Galla from Citigroup. Your line is now open. Please go ahead.
Thank you. A few questions from me. The first one was on build cost inflation. If you could give us some color as to what are the moving parts and a degree of can you really push back on the build cost inflation coming from the supply chain given the market that we're working with? The second question was on outlet openings. I appreciate the color that you've given in terms of outlet growth into next year. Given that we've got local elections in May, to what visibility do you have on your outlet opening plans with the assumption that we could see some stalling in the market in the very short term this year? And the last question I have was on Section 106 take-up. Has there been any change post-budget on the regulatory side that could make life easier in that end of the market?
I'll take the last two, Chris, if you want to sort of do build cost. I mean, working backwards, Ami. Section 106 take-up, not much change. No specific sort of help coming out of the budget. The rent convergence that I know others have talked about would help give sort of greater visibility and capacity and balance sheets for housing associations and therefore could see some improvement. But it's still quite sticky, and the teams are working hard with some of our very established sort of partners there. On outlet openings, we do have good visibility, and we're in a very strong position from a sort of planning perspective. Whilst there's always concern around local elections and disruption that that might have on decision-making, I'm less concerned about it for our 2026 outlets.
Potentially, it could have some sort of future knock-on, but not a meaningful risk for us for 2026. And then build cost, Chris.
Yeah. So in line with our guidance, there was low single-digit build cost inflation in 2025. The spot annualized build cost inflation as we exited 2025 was about 1.5%, which obviously incorporated the increase in pressure from groundworkers that I referenced at the half year. Supply chain negotiations for supply of materials in 2026 are ongoing, so it's just too early to guide for 2026. But we have seen a number of material manufacturers ask for significant cost increases well above inflation. And given where the sector volumes are at present, we are pushing back strongly on those requests for price increases, and we're able to do that by having a diversified supply chain. We managed the pressure on the labor side very effectively in 2025, which will no doubt increase the pressure as we progress through 2026.
But obviously, as Jennie's touched on, we have plans to open plenty of new outlets, and the negotiations that that then drives will help us mitigate that pressure.
Thank you.
Thank you, Ami. Our next question is from Chris Millington from Deutsche Bank. Your line is now open. Please go ahead.
Thank you. Morning, everyone.
Hi.
Morning.
Hi. How are you doing?
Yeah, a few, if I could, please. The first one I just want to understand is kind of the strategy behind pushing those bulk sales out at the end of 2025. We've seen, obviously, one of your peers kind of let the sales rate fall away at the back end of the year, and I understand that has order book connotations, but it does feel as if you're having to give quite a lot of price away there. So really just curious about where your attitude is on volume cash versus price and margin. So I'll do one at a time, actually, rather than just witter on.
Okay. I'll take that. I mean, look, I think that I'll start off by saying the volume of bulks that we did in 2025 was very similar to 2024. So there's no real change in terms of sort of quantum or overall outlook. And I've very specifically referred to sort of the London market. So these are multifamily apartment schemes. I'd say they're well designed, they're well built, but we are seeing quite sort of meaningful challenge to trading conditions in London. And we've got a sort of good level of visibility on build cost. We're very advanced on procurement, and so this is a challenging sort of business decision that's taken on balance. Disappointing in the short term, but ultimately, I think it's in the best interest of the business in the medium term. So very much focused on the specifics in this particular instance, Chris.
Okay. Thank you. That makes sense. And look, if we had a situation at the back end of 2026 where sales rates were lagging against that kind of expectation of flat sales rate, do you think you'll be doing something similar, or do you think you would take your foot off the pedal on volume and support margins? Just curious about kind of how that progresses through this year now you've sold those multifamily units.
Look, we've sold those multifamily units. The schemes still have a bit to run. But look, it's always a matter of, do we see what are we seeing in the outlook? What are all the other variables that are going on at the time? As I say, it's a balanced decision. I'm disappointed because I think that they're good schemes, but overall, recovering our debt and investing for shareholder benefit in the medium term tipped the balance in that instance.
Got you. Got you. Thank you, Jennie. Next one, just wanted to ask really. It's a bit of a reminder, and perhaps this is for Chris, but you're down 0.5% in the order book at the start of 2026. By memory, I think you had a similar thing at the start of 2025. So should we think pricing in the order book is roughly about a percentage lower than it was coming into 2024? Am I thinking about that right, Chris?
Yes. That's correct.
And then look, that was an easy one. Final one. We talk a lot about build cost inflation here, and your guidance has been really helpful there. What about your employee costs, both in the cost of goods sold and administration costs? What pressures are you seeing there? How much could those costs move up in 2026?
Yeah. So I mean, if you look at admin expenses, then in 2024, they were over 7% of revenue. And in 2025, we brought that down to just under 6.5%. And that improvement reflects the higher completion volumes, the increased average selling prices, and disciplined cost control to offset inflationary pressures. And as we look ahead to 2026, yeah, it will be challenging, I think, to drive further efficiency gains because volume growth is likely to be lower than in 2025, given the weaker opening order book. And we expect continued inflationary pressure on overheads, much of which relate to salary costs.
We're always going to be very tight on cost, but we also need to balance and be conscious of our ambitions for the medium term and the targets that we set out in October for the business to grow UK legal completions to 14,000, margin to 16%-18%, and [ROCE] greater than 20%. So in the medium term, that means we're targeting admin expenses probably somewhere in the range of 5%-6% of revenue, but we're not likely to see that much progress on that in 2026.
Got you. Thank you, Chris. Thank you, Jennie.
Thanks. Thanks, Chris.
Thank you, Chris. Our next question is from Allison Sun from the Bank of America. Your line is now open. Please go ahead.
Thank you. Good morning, Jennie. I have two questions, if I may. So first one is on the volume growth because I think right now we are seeing the order book is still going down. So how should we think about the trajectory of, let's say, the low single-digit volume growth you're thinking? Is that going to be pretty much rely on the second-half recovery? And I would guess it's going to be maybe some improvement in sales rate and also the outlet's growth. Is that how we should think about it? The second question is on the pricing. So because we know in last year you have some London projects which probably affect the average price a little bit. So into 2026, should we be concerned about it, or should we still expect maybe the pricing can still go up? Yeah. Thank you.
Okay. Allison, Chris is going to take both of those for you.
Yeah. So obviously, on the volume, we'll obviously provide guidance on volumes of the prelims. But if you've seen from the statement, we're starting 2026, as you identified with the lower order book in unit terms, and of that 480 unit reduction, just over 300 relates to private units with the balance in affordable, which, as you know, is much further forward sold. So effectively, yeah, we start the year with a private shortfall of around 300 units. At the same time, as Jennie just touched on, we've indicated that we expect to increase average outlets year-on-year. And if sales rates hold broadly stable at, let's say, the 0.75, so consistent with what we've delivered in both 2024 and 2025, then the growth in outlets should more than offset the opening shortfall in the order book.
In that scenario, yeah, I guess we'd still expect to deliver low single-digit year-on-year volume growth. But that said, the spring selling season will be key, and we'll update you in the usual way at the beginning of March. In terms of average selling prices, you can see in the statement two things. I suppose you can see that last year we achieved a blended average selling price in the UK of GBP 335,000. And if you looked in the order book and did the math on that, you'd see that the nominal average selling price is flat year-on-year. I think what you're more likely to see is the mix will provide a benefit of round about 2% from that GBP 335,000 in 2025 into 2026.
Thank you very much.
Thank you, Allison. Our next question is from Zaim Beekawa from JP Morgan. Your line is now open. Please go ahead.
Morning. Thanks for taking my question. A few on my side. The first would just be on the planning and infrastructure bill. Just on the expectations, I don't know if you think this is going to be a major change into 2026. And then second, on the bulk sales price contracting, would you be able to provide maybe a magnitude, and are you expecting a better environment in 2026? And then finally, on the landfill tax increase, just the impact on your business in 2026 and how you aim to mitigate some of the increasing costs there would be helpful. Thank you.
Okay. Zaim, good morning. On the planning and infrastructure bill, I mean, there are a number of elements of the planning and infrastructure bill, some of which will require regulation and statute to be put in place. But I know that speaking to MHCLG and the housing minister, that they're keen to get those things moving. In terms of pace of determination, the national sort of plan or scheme of delegation, I think, is one because even if it doesn't touch on our schemes, say it's focused on small house builders, that still removes quite a lot of friction and resource time from a planning determination and sort of resource and productivity perspective. But the issues around the national scheme of delegation and others, I see that the planning and infrastructure bill could meaningfully move sort of the pace of determination, particularly around conditions and other things.
On bulk sales, I'm not going to give you sort of visibility into the sort of commercial sensitivities. Look, the number of players in the bulk market is very broad, and there are differences between those that operate in the multifamily type scheme and those that operate in single family. So structurally, they can be quite different, and overall, their sort of objectives from investment can be very different, so it would be wrong to think of them all as moving at the same pace. Nevertheless, as with all businesses, they are sensitive to interest rate movements, gilts, and the bonds market. We tend to look at them, as we've said, consistently on a project-by-project basis, and we'll continue to do that.
On the landfill sort of issue, I think that, look, the change that came through the budget, the increase in the rate for the lower rate of inert waste was disappointing. But what was more encouraging was that exemptions that we had understood would be removed as part of the consultation have actually been retained. And so the majority of the material that we dispose of, it goes to things like quarry filling operations and land restoration. And those would still fall within key exemptions for landfill. There are impacts, so things like potentially live material, so whether it's vegetation or other things. So there will be impact, but it's maybe a little less than we had understood from the consultation.
Our teams already work very hard to limit the amount of material that goes to landfill, but we will be sort of working really hard to minimize those costs wherever possible. But because they're quite specific on a site-by-site basis, it's very hard to give you a value to that.
Okay. Thank you very much.
Thank you, Zaim. Our next question is from Rebecca Parker from Goldman Sachs. Your line is now open. Please go ahead.
Hi. Good morning. Thanks for taking my question. Just two. Just wondering how we should be thinking about the net cash position as we move into 2026 and any moving parts there? And then second question, I know it's a small part of your business, but if you could just give some color on how you're expecting the Spanish business to perform in terms of volumes and prices as we move into 2026? Thank you.
So I'll do Spain, Chris, if you will pick up on sort of the net cash. I mean, Spain has performed really well over the last few years. It's fair to say that their volumes have been higher than their normal run rate. And so we would expect Spain to sort of normalize in terms of its output, so more in the 400 sort of unit level. The market remains strong in Spain, and sort of pricing remains quite stable. So really pleased with the operations there. And Chris, on net cash?
Yeah. And on cash, obviously, net cash at the end of 2025 was GBP 343 million, so pretty close to our guidance of GBP 350 million. Net cash at half year will be lower because it's always lower at the half year, mainly due to the second-half weighting of completions. Last year, net cash reduced in half one by GBP 240 million. So that's from the end of 2024 to June 2025. This year, I'd expect net cash to fall by a little bit more than that because completions are going to be more weighted towards the second half due to the lower opening order book and because we'll pay out more in half one this year on cladding. And obviously, I'll give you more color on that when we get into March.
Thank you.
Thank you, Rebecca. Our next question is from Sam Cullen from Peel Hunt. Your line is now open. Please go ahead.
Yeah. Morning, everyone. Just a couple from me, please. Just coming back to the London apartment schemes issue, can you give us a sense of I think, Jennie, you mentioned there are a few more of those to go. What's the scale of those types of schemes in the land bank as it stands currently? Are there more things that we should expect to come down the track in 2027, 2028, and 2029? And then the second one is just your view on what a normalized sales rate is for Taylor Wimpey in the wider industry.
Okay. I mean, on London schemes, I think as I mentioned in the sort of October Investor Day, our pipeline in London is effectively winding up. So it's a diminishing part of our business and a diminishing part of our land bank, Sam. So what I'm not ruling out is that there's more completions to go, but we're really in the wind down. A normalized sales rate, now there's a question. It depends where we think the market overall is going to stabilize. I mean, I'm pleased given all of the headwinds that we experienced in 2025. Really pleased with our sales rate. You've heard us talking about what sort of reasonable assumptions might be for 2026 at the 0.75. Our business can support a higher sales rate. We can build to it. We've got really good execution.
But we need to see that affordability, particularly first-time buyers, and we need to see customer sentiment really settling in order to take the benefit of some of that improving sort of affordability and improved interest rates.
Thanks very much.
Thank you, Sam. Our next question is from Harry Goad from Berenberg. Your line is now open. Please go ahead.
Hi. Good morning. I've got two, please. Just the first one around customer affordability. Obviously, debate goes on about whether the government may relaunch Help to Buy, but in the absence of that, would you think about doing anything yourself with regard to shared equity or any other sort of innovative scheme? Have you thought through maybe some of the mechanics of how you could do that? And then the second point is around land, and obviously, you're talking about more progress on the planning front. Does that mean maybe not right now, but over the next year or two, it becomes more of a buyer's market as more land, more consented land comes available?
Okay. I mean, I think in terms of sort of customer affordability and looking at sort of potential sort of shared equity and sort of other interventions, I mean, we've been very active in reviewing a range of product on the market. But they tend to come both in expense to our balance sheet and more expensive to the customer. And that's not a good outcome for either party. But we'll continue to review those. But what we want to be able to offer and for it to move the dial is something that's genuinely sort of a positive. The focus for me around sort of the first-time buyer as rates ease is really that deposit building and the fact that particularly in the south, but in higher value areas, Stamp Duty and the change that was made last April has become a headwind for first-time buyers.
We can see that in instances, although our cancellation rate was very stable, the cancellations due to sort of chains breaking down generally can be tracked back to the first-time buyer. In order to get the market moving, that's got to be a focus. On land, I mean, you're absolutely right, Harry. Planning sort of relaxation and improved planning outcomes and pace flow through into land market. If that starts to sort of move more quickly and there's more opportunity available, then that has benefits for pricing. I mean, through last year, we saw. I hope we did see the land market improving, particularly towards the end of the year. Some of that was to do with new products coming to site. Some of it was to do with an absence of other participants in the market.
So a bit of a sort of two elements playing through there. There's also in some specific areas, some noticeable removal of sort of regulatory constraints. So South Thames, for example, that's been suffering from water neutrality. As the solution for that came through in the second half of the year, we saw the land market sort of getting quite busy and good value in that area. What we have seen is vendors becoming a bit more realistic on payment terms, which is really welcome. So have seen some improvements, room for more improvement, and you'd like to see some areas that have still got a level of constraint, seeing some benefits from the planning changes.
Great. Thank you.
Thank you, Harry. We currently have no further questions, so I will hand back to Jennie for closing remarks.
Okay. Well, look, thank you for your time and questions this morning. I appreciate that it's been a really busy week. We look forward within the business to the spring selling season. And Chris and I look forward to seeing you again at the prelims in March. Thank you very much for your time.
Thank you. This concludes today's Taylor Wimpey Trading Update. Thank you for joining. You may now disconnect your line.