Strong trading for Redrow and Taylor Wimpey

July 4, 2013
Both Redrow and Taylor Wimpey have issue positive trading statements today ahead of financial results later in the year. Redrow says profit for the year ending June 30 2013 will be above the top end of analysts' estimates with revenue up 26% to £604.8 million and private legal completions up 16% to 2,474. Taylor Wimpey also traded at the upper end of expectations in the half year to June 30 2013 and is expecting to report a margin of more than 13%. The firm completed 4,229 private homes in the period, up 2%. Help to Buy - the government's mortgage equity scheme - is available on 98% of outlets and to date more than 1,000 households have reserved homes with the aid of the initiative. TW chief executive Pete Redfern said: "We have welcomed signs of significant improvement in the housing market in the first six months of 2013 where we have seen increased consumer confidence underpinned by both generally improved access to, and affordability of, mortgage finance and by the government measures."

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