Redrow expects pre-tax profits for the year to be above analyst's expectations. The company said that orders for private housing stood at £870m, up more than 50% on last year. The British housing market was expected to be affected by the EU referendum vote, with Deutsche Bank forecasting that a decline in property prices would eliminate all profits for UK housebuilders. However, it is not clear how much of this will translate into sales and profits. “The fact remains that there is a long-term underlying demand for new homes following decades of under-supply. This week the firm said the average selling price of private homes was up around 10.5% at £328,500.
Redrow expects pre-tax profits for the year to be above analyst's expectations. The company said that orders for private housing stood at £870m, up more than 50% on last year. The British housing market was expected to be affected by the EU referendum vote, with Deutsche Bank forecasting that a decline in property prices would eliminate all profits for UK housebuilders. However, it is not clear how much of this will translate into sales and profits. This week the firm said the average selling price of private homes was up around 10.5% at £328,500.