There were further signs that the housing market is slowing as both housebuilder Redrow and estate agent Countrywide reported that trading has been more challenging in recent weeks. Redrow had experienced a “slight slowdown in sales” in the last few weeks because of “ongoing political and economic uncertainty”, chairman Steve Morgan said on Thursday, although he added that the housebuilder had traded in line with expectations. In an update to the market covering the last 18 weeks, Mr Morgan said that he didn’t anticipate that last week’s interest rate increase would have any adverse impact on the market as mortgage rates remain low and very competitive. Despite recent slower market conditions, reservations for Redrow’s homes were 2pc above last year at 1,548. The sales rate over the period was 0.67 per outlet per week, slightly below the 0.68 in the same period in the 2017 financial year. Meanwhile Countrywide, the UK’s largest listed estate agent, warned that profits for the year were due to be at the lower end of forecasts amid a housing market which “remains challenging”. 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. Elsewhere in the UK, the number of housing transactions had fallen, the company said.
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.