Redrow warned it would sell about 10% fewer houses in the first half compared with the same period last year. Financial Times, The Times, Daily Telegraph
Finance director David Arnold, said prices in the autumn had been consistent with the group’s plans.
'September and October are the second strongest sales months of the year. But since people came back from their holidays, activity levels have been modest. Now we are all but through the autumn we will just have to wait and see if interest rates have peaked and if lenders have a different view in the new year.'
Alan Bowkett, chairman, said at the group’s annual general meeting that Redrow had positioned itself strongly for the year but that market conditions would determine the outcome for the year.
First-half legal completions are expected to be about 2,000 homes. Last year, it sold 2,214 homes in the first six months.
Bowkett said Redrow expected a “limited increase” in gearing in the first half, in line with expectations.
Redrow shares fell 9.5p to 358p yesterday.