Redrow trials modular garages to cut costs

Aaron Morby 6 years ago

House builder Redrow is stepping up its use of offsite manufactured components to cut construction costs.

Paddock Wood flats development where offsite services pods are being installed
Paddock Wood flats development where offsite services pods are being installed

The firm revealed it is now trialling the use of modular garages at two of its regional divisions.

The house builder is also installing service pods to homes at its Paddock Wood development at West Drayton near Heathrow Airport.

Announcing record results for the year to  June 2018, Redrow said the innovations were not only reducing reliance upon site based skilled workers but also give more certainty over costs.

During the year Redrow said build costs increased by around 4% with spikes in some material costs being offset by easing labour cost pressures.

Pre-tax profit jumped 21% over the year to £380m.

Group turnover jumped by 16% to £1.92bn as completions increased by 9% to 5,913 homes and average selling price rose 7% to £332,300.

The increase in average selling price was mainly due to the relatively faster growth at its southern businesses.

To underpin future growth Redrow has launched a new division in Thames Valley and reorganised its Greater London operations into East and West divisions to focus on growth in the capital.

Chairman Steve Morgan said: “Despite the uncertainty surrounding Brexit, demand for new homes continues to be robust, and overall house price inflation has moderated to a sustainable 2%.

“We entered the current year with a strong order book of £1.14bn, an increase of £110m over the previous year.

“Mortgage availability is excellent, and with low interest rates by historic levels, the mortgage market remains very competitive.”

He added that Help to Buy continued to support home buyers with 1,794 of Redrow.s private reservations secured through the Government-backed system.

Morgan said that Redrow expected to continue to grow its land holdings and increase the number of average outlets in the current year by 5% to 130 (2018: 124).

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