Shares in housebuilder Redrow rise again as it reassures shareholders over Brexit vote
Housebuilder Redrow has been one of the biggest casualties of post-Brexit market turmoil, with shares falling 30 per cent between Thursday's close and last night.
But it seems investors just needed a little bit of reassurance: this morning shares bounced 9.5 per cent to 322.6p after it put out a statement pointing out everything's going to be just fine.
"In the run-up to the EU referendum there was no impact on house sales or visitor levels," it said.
Read more: This estate agent just issued a profit warning after the Brexit vote
"Although it is too early to tell whether Brexit will have any effect on future sales, initial feedback is that sites remain busy, reservations continue to be taken and, indeed, we witnessed long queues and strong reservations at new sites launched last weekend.
"The fact remains that there is a long term underlying demand for new homes following decades of undersupply. This chronic shortage of housing leaves market fundamentals unchanged."
Not necessarily good news for buyers – but great if you're an investor in housebuilders, whose share prices almost all plummeted on Friday and yesterday.
If investors weren't reassured enough, the company threw in a few figures: the value of private reservations has grown 46 per cent to £1.56bn so far this year, while the private order book at the end of this month is £807m, up over 50 per cent on the same time last year. It's sold 0.68 homes a week so far this year – in line with last year, while turnover is up 20 per cent, to £1.38bn. It's all going to be ok…