Redrow sales continue to rise

Housebuilder Redrow has reported a 5% increase in sales and a 16% boost in average selling prices, as part of its interim management statement.

The Deeside-based firm has also secured a further 11 sites since its half year results were announced in February, comprising 1,300 plots.

In the statement for the period from 1 January 2014 to 25 April 2014, Redrow said that "the positive sales market we experiences in 2013 has continued into the new calendar year." The firm operated from 92 outlets across the country, up from 82 in 2013. Net reservations for the period were also up to 1,280 from 1,091 last year.

Redrow attributed the increase in average selling price to £289,000, 16% higher than the £249,000 recorded in 2013, to the continuing strength of the London and South East market.

The housebuilder also recorded an increase in net debt at £153m, up from £149m at the end of December 2013, which it said was due to the timing of investment in land.

In the statement, Redrow said that "given the healthier outlook for the economy, the increase in outlets and the ongoing benefit of the Government's Help to Buy schemes, we expect to show further good progress for the full year."

Shares in Redrow were up 6.9p to 285.40p.