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Redrow Homes calls for clarity on future of Help to Buy

  • 04/09/2018
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Redrow Homes calls for clarity on future of Help to Buy
Redrow Homes has called for clarity over the future of Help to Buy as it reported its final year results.

The builder recorded strong growth with 5,913 new homes completed, up 9% in the year to 30 June 2018.

Despite the uncertainty surrounding Brexit, demand for new homes remains strong supported by both a competitive mortgage market and Help to Buy, Redrow said.

In the last financial year, 1,794 of private reservations were secured through Help to Buy, a similar level to the previous year.

Redrow reported overall house price inflation of 2%, with a strong order book of £1.14bn, an increase of £110m over the previous year.

Revenues reached £1.92bn, increasing by 16% compared to £1.66bn in 2017.

Operating profit rose by 19% to £382m against £322m a year ago, whilst pre-tax profit increased by 21% to £380m compared to £315m in the year ended to June 2017.

The company also achieved a strong cash generation, with net cash of £63m.

Commenting on the results Steve Morgan, chairman of Redrow, said: “Redrow is committed to growing our output to help the country’s requirement to increase the number of new homes built.

“We have a very strong forward order book, first class land holdings, an excellent balance sheet and we are able to react quickly to changing circumstances.

“However, there is no doubt that clarity over Brexit and the future of Help to Buy would improve market sentiment. Given that clarity, we will continue to deliver.”

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