Redrow completions top 6,000 for first time

Aaron Morby 5 months ago
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House builder Redrow has warned that it faces a few uncertain years ahead over Brexit and the end of Help to Buy scheme.

Redrow chairman John Tutte set put plan to deal with housing industry two big challenges ahead
Redrow chairman John Tutte set put plan to deal with housing industry two big challenges ahead

Redrow, which reported its consecutive sixth record year of results this morning, said suppliers had been told to stockpile imported goods and source alternative supplies of materials.

Also, the house builder said it aimed to build on the success of its spacious Heritage Collection homes to buttress any fall in first-time buyers when Help to Buy ends in March 2023.

Executive chairman John Tutte said the firm was confident it could promote the housing type to attract more buyers from the secondary market who would not ordinarily consider new.

Announcing a 7% rise in pre-tax profits to £406m, Tutte said: “We are understandably cautious about the post-Brexit future and also the eventual impact of the impending changes to the Help to Buy scheme.

“We do however have a clear strategy to continue to grow, albeit more modestly, centred on our award-winning Heritage Collection that is so popular across a broad range of buyers.”

In the year to June, Redrow completed 6,443 homes, 13% up on the previous year and passing the 6,000 milestone for the first time.

Revenue rose 10% reaching £2.1bn while the firm’s new Thames Valley division opened in July.

Since the start of the new financial year, trading has been encouraging with reservations running ahead of last year.”  

Notwithstanding the political and economic uncertainty we face, we have every reason to be confident that 2020 will be another successful year for the group,” he added.

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