Redrow, one of the UK’s largest house builders, has warned that the property market is 'extremely fragile' as it admitted it had sold just 38 homes a week over the last eight weeks.
The company said reservations in the year so far are about 45% lower than last year as the housing market suffers a crisis of confidence due to fears of rising unemployment.
Despite selling less than 40 homes a week, the group said September and October saw a modest seasonal rise in sales. Redrow is now bracing itself for a difficult winter as frozen credit markets have made it difficult for buyers to secure home loans.
Daily Telegraph, The Times
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