Taylor Wimpey has reduced shareholder returns and lowered its full‑year home‑completion guidance as the London‑listed builder grapples with a prolonged housing downturn.

The company will pay out 4 per cent of net assets via dividends and buybacks, down from 7.5 %, and announced a £42mn interim dividend (1.20 p per share) plus a £42mn share‑buyback programme. Chief executive Jennie Daly said the move aims to “preserve the financial strength and resilience of the business.”

Pre‑tax profit for the first half fell 20 % to £118.6mn, while revenue was flat at £1.7bn. Expected completions were trimmed to 10,600–10,800 homes from the previous 10,600–11,000 range.

Shares dropped 5 % in early London trading. Peer Rightmove also cut its revenue‑growth forecast to 6‑8 % after a 6 % fall in new‑build developments.