(Bloomberg) -- Taylor Wimpey Plc is failing to see lower mortgage rates translate into higher levels of home sales and is maintaining its forecast for fewer deals in 2024.

The homebuilder’s average weekly private net sales rate for the year to Apr. 21 was 0.73, according to a statement Tuesday. That’s little changed from the same period a year earlier, when the rate was 0.75.

The developer said in February it expects to sell between 9,500 and 10,000 UK homes in 2024, excluding joint ventures, compared with about 10,400 in 2023, and roughly 13,500 in 2022. Still, hitting that reduced target relies on the homebuilder increasing sales in the second half of the year.

The company sees completions weighted 55% in favor of the second half of 2024, Taylor Wimpey said in the statement.

“We remain on track to deliver our guidance for 2024 while ensuring we are positioned for growth from 2025, assuming supportive market conditions,” Chief Executive Officer Jennie Daly said in the statement. 

Read more: Taylor Wimpey Expects Another Annual Drop in UK Home Sales

The past year has been turbulent for the nation’s developers as higher interest rates deterred buyers and increased their cost of capital. However, sentiment is slowly improving. A decline in mortgage costs over recent months has eased the pressure on homebuilders, as well as a reduction in build cost inflation.

Taylor Wimpey said its total order book value stood at almost £2.1 billion ($2.6 billion) on Apr. 21, down from £2.4 billion a year earlier.

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