Redrow sees market "bounce back"

Redrow says the early weeks of the year have seen the new homes market “bounce back” after a subdued end to 2018 and the firm is confident that the Brexit uncertainty will not have “a huge impact” in 2019.

Announcing its half year results for the period to the end of December 2018, Redrow reported completions up 12% to 2970 bringing the total for the year to 6042 (excluding JVs). Revenue in the period was up 9% to £970 million and pre tax profit up 5% to £185 million.

Redrow ceo John Tutte said that before Christmas the market had dipped but the last few weeks have been better: “The market fell away at the end of November into December about the time of the (Brexit) meaningful vote so we didn’t generate the leads in December which impacted January. But there has been improvement into early February – overall we are about 6% down and if you’d offered me that in December I would have taken it.”

Tutte said that the market was showing resilience despite the ongoing political uncertainty, although he added that “London is different” as many people in the capital work in the financial sector which …