StockMarketWire.com - House builder Taylor Wimpey said its sales rates and order book had grown as the UK housing market remained resilient despite political and economic uncertainty.

The company said it was on track to deliver-full year 2019 results in line with its expectations, albeit with slightly higher volumes and slightly lower operating margins than guided at the half year.

Sales rates for the year to date had remained strong at 0.96 sales per outlet per week, up from 0.81 on-year.

Taylor Wimpey said that growth was driven by improvements in both product availability and build capacity.

So far in the second half, the company had achieved a sales rate of 0.92, up from 0.77, and cancellation rates for the year to date remained low at 15%, though slightly up on 14% on-year.

Taylor Wimpey operated on an average of 252 outlets in the year to date, down from 274 on year.

Its current total order book, excluding joint ventures, represented 10,433 homes, up from 9,843 on-yera as at 10 November.

The order book was worth around £2.7bn, up 13% on-year.

'We are on track to deliver full year 2019 results in line with our expectations driven by an industry-leading sales rate,' chief executive Pete Redfern said.

'In spite of wider political and economic uncertainty, housing market conditions have remained resilient.'

'We are focused on the delivery of the highest service and build quality to our customers and investing in the sustainability and future capacity of our business.'

'In the second half, we continued to see good demand for our homes and have built a very strong order book.'

'Looking ahead, our cash generation and financial position are very strong and we reiterate our commitment to returning around £610m by way of total dividend to shareholders in 2020.'

The company added that it would increase its focus on costs as it moved into 2020.

'The UK housing market remained resilient through the second half of 2019, continuing to benefit from strong underlying demand, low interest rates, a competitive mortgage market and the government's Help to Buy scheme,' it said.

'Forward indicators for sales have remained at healthy levels albeit we have seen some increasing customer caution, particularly in the higher-priced markets of London and the South East, as a result of the ongoing political and economic uncertainty.'

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