Redrow completed homes up on 2002

Redrow said today (Friday) that it had completed 4,025 homes in the year to end June, up from 3,908 in 2002 - with the average selling price rising to £147,500 from £139,000.

In a pre-close trading update, Redrow said increases in selling prices have continued but to a lesser degree than last year, which bodes well for a sustainable housing market for the future.

The housebuilder added that it has seen more normal market conditions in 2003 and ensured sites were launched in the spring and early summer when the market was expected to be most receptive.

Forward sales of 2,060 units were 35% ahead of June 2002 with a value of over £303m, against £218m.

Operating margins within Redrow Homes for the full year are also expected to be marginally ahead of the 18.4% delivered in the first six months.