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Major Builder Redrow Report Average Selling Price Down

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Friday July 7, 07:25 AM

Redrow assures over full year

LONDON (ShareCast) - Redrow (LSE: RDW.L - news) , the UK housebuilder, said today that its full year figures should be broadly in line with expectations after it completed more property sales.
Legal completions for the year to June rose by 8% to 4,735 from just 4,372 a year earlier, on continued growth in its Signature product, which was up 9% on last year at 4,027 units.
The group found the average selling price in the year for the Signature range was barely hanged at £166,000, in line with last year. The
average selling price for the In the City completions was £160,000
from £207,400 last time
The market for the year as a whole was more robust than last year, with the last six months in particular showing improved levels of confidence. "Overall, we expect the results for the year to be broadly in line with our previous expectations."

"Improved levels of confidence" is sufficiently vague and non-commital to please the shareholders--or is it? The excellent price drops may be helping move iventory but profitability will be affected.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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