Taylor Wimpey said it is on track to improve its operating profit margin as house price growth outstrips rising inflation.

The £4.3bn-turnover housebuilding giant, in a trading update for the period covering 1 January to 26 April, said trading is as expected and it is on track to deliver against its previous market guidance outlined in March. This included increasing its operating margin from 19.3% towards 21% or 22% and a ‘low single digit’ percentage increase in annual completions. Taylor Wimpey completed 14,087 homes in the year ending 31 December and has an aim of increasing this to between 17,000 and 18,000 in the ‘medium term’.