<p>Redrow has found itself adapting to a “changing economic outlook”, with reservations dropping since the start of its new financial year starting in July.</p> <p><span>Giving a trading update on the day of its AGM covering the 18 weeks to November 6, the housebuilder said its private reservations per outlet per week were 0.49 compared to 0.68 during the equivalent period last year.</span></p><p></p> <p><span>The value of net private reservations fell 19% against the previous year to £515 million, with private revenue per outlet per week at £238,000 compared to last year’s £310,000.</span></p><p></p> <p><span>During the reporting period, Redrow’s private average selling price grew 6.9% on 2021’s equivalent period to £483,000. This was driven by the company’s Heritage range of high quality homes, “combined with geographical and product mix and general house price inflation”.</span></p><p></p> <p><span>Redrow expects revenue for 2023 to be £2.1 billion as with the previous year, even with its recent reduced sales rate. This was, it said, thanks to the strength of its order book and the private selling price increase. For 2023, it anticipates an operating margin of 18%, down on the previous year’s 19.3%.</span></p><p></p> <p><span>In the financial year to date, the business operated from an average of 120 outlets …