Redrow buoyed by hike in selling price

Redrow' Homes' average selling price increased 11% to £172,000 in the year to 30 June. The number of completions was up 2% to 4,372.

In a trading statement issued to the City this morning, the group revealed a full-year operating margin from the Homes business of 19.8%.

Materials cost increases were contained to a "minimal level".

Redrow's mixed-use business performed better than expected, compensating for significant up-front pre-development costs incurred by the regeneration business on the Watford Junction scheme.