Redrow confident over full year performance as selling prices rise

In a statement ahead of its annual general meeting, Redrow said it was confident of making significant progress this year following a strong sales performance.

The housebuilder said the positive sales trend announced in the September results has continued.

It said currently, net private reservations are 28% ahead year-on-year at 1,560 and the sales rate for the 19 weeks to 6 November 2015 is 0.68 per outlet per week, up 5% on last year.

The average selling price of private reservations for the financial year to date is £334,000, which is an 18% increase, mainly thanks to better quality outlets coming on stream to replace lower priced sites.

Chairman Steve Morgan said: “With this strong sales performance, I am confident this will be another year of significant progress for Redrow.”

The company’s results for the six months ending 31 December 2015 are scheduled for release on Tuesday 9 February 2016.

At 0950 GMT, Redrow shares were up 1% at 446.80p.