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Taylor Wimpey says UK housing market is proving resilient

14 Nov 2016

In its latest trading update, the housebuilder confirms that Brexit has not, so far, had an adverse effect on the strength of the UK housing market

Whilst new home sales fell very slightly in the second half of this year (0.7 homes per site per week, v 0.74 for same period last year), its forward order book is up on the same period at £2.3bn v £2.1bn

An exception to the strong market is London, where the slowdown is most likely to be caused by changes in stamp duty

The housing market is based upon consumers' confidence in keeping their jobs and being able to pay their mortgage - which appears not to have been harmed by Brexit, so far.

Thought from Go Global Investments: In the next year there are elections in Italy, Germany and France. Following on from the 'shock' Brexit and US election results, is it a possibility that the political landscape in mainland Europe towards the EU deteriorates, and that UK property, and sterling, acquire 'safe haven' status?

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