Redrow Homes, one of the UK's largest house builders, has reported slowing sales as the housing market stutters. Redrow chairman Steve Morgan cited "ongoing political and economic uncertainty" as contributing factors to the sales slowdown, despite reservations for Redrow’s homes being 2% above last year at 1,548. Revenue for the company was down 7pc on last year at £175.1m, although had picked up from the previous quarter thanks to a number of London sales. Morgan said he did not expect the recent interest rate rise to 0.5% to have a significant effect. The Bank of England is expected to raise rates in September but will wait until after its next meeting on November 19 before deciding whether it should hike again this year.
Redrow Homes, one of the UK's largest house builders, has reported slowing sales as the housing market stutters. Redrow chairman Steve Morgan cited "ongoing political and economic uncertainty" as contributing factors to the sales slowdown, despite reservations for Redrow’s homes being 2% above last year at 1,548. Morgan said he did not expect the recent interest rate rise to 0.5% to have a significant effect. The Bank of England is expected to raise rates in September but will wait until after its next meeting on November 19 before deciding whether it should hike again this year.