Unveiling results for the first half results, Redrow said its average number of outlets had risen from 72 six months ago to 83. A further tranche of new sites will come on stream by end of June taking the number of outlet to 90.
Redrow followed Persimmon and Bovis Homes reporting soaring profits up 50% to £23m.
Revenues rose 10% to £257m in the first half-year to end-December, driven by a 10% increase in average selling price to £224k and completions up 3% at 1,202.
Steve Morgan, Chairman, said the house builder’s expansion into the London region was making good progress with 700 plots on the books at a gross development value of £450m.
He added:”The backdrop remains challenging, but the stability of the housing market, the gradual improvement in both the planning environment and the mortgage market, together with our distinct focus on our high-quality, differentiated family housing range has meant that we have continued to make good progress.
“We applaud the Government’s attempts to improve the market through the NewBuy, extension of FirstBuy, and Funding for Lending schemes.
“If the current trend in reduction of mortgage rates continues, it will undoubtedly assist in the housing market’s gradual return to more normalised conditions.
He added: “The National Planning Policy Framework has also stimulated some positive changes in the planning environment, albeit this has still got a long way to go.”
“Given the strong pipeline of new sites and the modest improvement in market conditions, I am cautiously optimistic that Redrow’s strong recovery is set to continue.”