Encouraging sales trend ongoing, says Redrow chairman

The chairman of the FTSE 250 housebuilder said currently, net private reservations were 6% ahead at 1,660, and the sales rate for the 19 weeks to 4 November was 0.71 per outlet per week, up 4% on last year.

“Demand remains strong across the majority of our sites with buyers continuing to make purchase decisions well ahead of build programmes.

“Our private order book is currently £941m, a 29% increase on this time last year.”

Morgan said the average selling price of private reservations for the financial year to date was £355,000, up from £334,000, including the sale of the last of the high value apartments in Central London.

Excluding those apartments, the average selling price was still up at £341,000.

“Our balance sheet remains strong,” Morgan said, adding: “net debt is currently £92m and is expected to be at similar levels at the end of December 2016.

“With this robust sales performance and strong balance sheet, I remain confident this will be another year of significant progress for Redrow.”