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UK's Taylor Wimpey warns on annual profit as affordability pressures mount

By Reuters News

Nov 11 (Reuters) - British homebuilder Taylor Wimpey TW.L warned on annual profit and lowered its home completions forecast on Wednesday, citing elevated mortgage rates and persistent soft demand due to affordability concerns.

The company, which earlier this year lowered its home completions forecast and reduced planned shareholder returns, has attempted to tighten spending as it grapples with elevated construction costs and weak buyer demand amid high mortgage rates and persistent inflation.

Taylor Wimpey expects to complete 10,500 homes in the UK, excluding joint ventures, in 2026, below its previous forecast of 10,600 to 10,800 homes, and adjusted operating profit at the lower end of the £262 million to £299 million company-compiled consensus range.

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