Posted: Wed 9th Nov 2016

Deeside based Redrow says sales rose after Brexit vote

News and Info from Deeside, Flintshire, North Wales
This article is old - Published: Wednesday, Nov 9th, 2016

Redrow the Ewloe headquartered house builder said today sales were still on the up post Brexit with the strongest growth was in areas which voted to leave the EU.

Chairman Steve Morgan said: ‌​‌‌‌​‌‌‍‌​‌‌‌​‌​‍‌​‌‌‌​‌​

“I am pleased to say that the encouraging sales trend I reported in the September Prelims has continued. ‌​‌‌‌​‌‌‍‌​‌‌‌​‌​‍‌​‌‌‌​‌​

Currently, net private reservations are 6% ahead at 1,660 and the sales rate for the 19 weeks to 4 November 2016 is 0.71 per outlet per week, up 4% on last year. ‌​‌‌‌​‌‌‍‌​‌‌‌​‌​‍‌​‌‌‌​‌​

Demand remains strong across the majority of our sites with buyers continuing to make purchase decisions well ahead of build programmes. Our private order book is currently £941m, a 29% increase on this time last year. ‌​‌‌‌​‌‌‍‌​‌‌‌​‌​‍‌​‌‌‌​‌​

The average selling price of private reservations for the financial year to date is £355,000 (2016: £334,000) including the sale of the last of the high value apartments in Central London. Excluding these apartments, the average selling price was still up at £341,000. ‌​‌‌‌​‌‌‍‌​‌‌‌​‌​‍‌​‌‌‌​‌​

Our balance sheet remains strong. Net debt is currently £92m and is expected to be at similar levels at the end of December 2016. ‌​‌‌‌​‌‌‍‌​‌‌‌​‌​‍‌​‌‌‌​‌​

With this robust sales performance and strong balance sheet, I remain confident this will be another year of significant progress for Redrow.” ‌​‌‌‌​‌‌‍‌​‌‌‌​‌​‍‌​‌‌‌​‌​


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