<p>Redrow’s sales since the start of July have declined further, falling to 0.34 reservations per outlet per week against the previous year’s 0.61, during an anticipated “challenging” summer.</p> <p>Reporting on its results for the year ending July 2 2023, the housebuilder noted that the market remained tough following a “record” number of consecutive interest rate rises in close succession and with the “general rise in the cost of living”.</p> <p> Its average private reservation rate per week for the reported financial year was 0.46 against the 0.68 of 2022. Lower sales rates since July follow further mortgage rate rises in response to interest rates.</p> <p><span>Redrow said it had achieved a “strong underlying performance in an uncertain market”, with revenue totalling £2.13 billion, a marginal dip on 2022’s £2.14 billon. This had remained “stable” due to a rise in the average selling price of homes which had been factored into the housebuilder’s order book. The private average selling price rose 8%; the average selling price of Redrow’s Heritage homes increased 9% to £473,300.</span></p> <p><span>This was against legal completions dropping 5% to 5,436 homes. Pre-tax profit was £395 million, up from 2022’s £246 million, but 4% below 2022’s underlying profit, chiefly due …