Redrow Plc, a new homes developer, are reporting a first half profit after selling more new homes for higher prices. Under the leadership of their Chairman, Steve Morgan, Redrow Homes have changed the type of new homes they build and have launched the New Heritage collection which they say is proving popular with new home buyers.
The company have reportedly sold 1,312 new build homes in the period, compared with 1,266 new homes a year earlier. Average selling prices for private homes have increased 16 per cent to £170,500.
Redrow have announced their net income for the six months through December was £3.5 million, compared with a loss of £6.3 million a year earlier, and revenue has increased 15 per cent to £216.1 million.
Steve Morgan commented:
"Customers are more confident than at any time since I have been back. People have had enough of doom and gloom."
Steve Morgan also said that demand for new homes will continue to improve, with home reservations in the first six weeks of 2011 up by in excess of 10% compared to the same period last year.
However, he has slammed the shortage of high loan to value mortgages preventing many first time buyers from being able to buy a new home.
Today’s Conveyancer, bringing you the latest conveyancing news and updates.