Redrow reports 47 per cent jump in home reservations as stability returns
HOUSEBUILDER Redrow yesterday reported a 47 per cent surge in home reservations on the year before and said home sales have been “remarkably stable”.
The group yesterday said that for the first 18 weeks of the financial year, net private reservations have averaged 45 per week – a return to “historic norms” after the devastating slump of last year.
Redrow said average home reservation prices were now higher than previous expectations at £149,000. The group said its focus on larger family homes will drive average selling prices up further.
Chairman Steve Morgan said: “The underlying housing market remains influenced by the availability of mortgage finance and consumer confidence generally, but we enter 2010 well placed to meet the challenges and opportunities ahead.”
The firm also said its existing shareholders had snapped up 97.2 per cent of new shares issued as part its £150m rights issue. Bosses said they expect to receive the final net proceeds from the rights issue shortly.