Edition:
India

Redrow Wants Government To Review Regional Price Caps


Wednesday, 7 Nov 2018 

Nov 7 (Reuters) - Redrow PLC ::FOR FIRST 18 WEEKS OF CURRENT FINANCIAL YEAR, REDROW HAS TRADED IN LINE WITH EXPECTATIONS.LONDON SALES MARKET HAS REMAINED SUBDUED AFFECTED BY EXCESSIVELY HIGH STAMP DUTY TAX AND BREXIT UNCERTAINTY.OPERATIONAL CASHFLOW IS STRONG WITH NET CASH CURRENTLY STANDING AT £132 MILLION VERSUS NET DEBT £25 MILLION IN 2017.CONTINUE TO SEE GOOD DEMAND IN REGIONAL BUSINESSES WITH MOST SITES SOLD WELL IN ADVANCE.VALUE OF NET PRIVATE RESERVATIONS IN 18 WEEKS TO 3 NOVEMBER WAS IN LINE WITH LAST YEAR AT £588M (2018: £586M).SALES RATE PER OUTLET PER WEEK OVER 18 WEEK PERIOD WAS 0.64 COMPARED WITH 0.67 LAST YEAR, WITH SLIGHT REDUCTION DUE TO LONDON MARKET.AVERAGE SELLING PRICE OF PRIVATE RESERVATIONS FOR FIRST 18 WEEKS IS UP 4.6% AT £388,000 (2018: £371,000).TOTAL ORDER BOOK AT £1.2BN AT END OF 18 WEEKS TO NOV 3, AN 11% INCREASE ON THIS TIME LAST YEAR.WELCOME EXTENSION, ANNOUNCED IN BUDGET, OF HELP TO BUY SCHEME."URGE GOVERNMENT TO REVIEW REGIONAL PRICE CAPS THAT MARKEDLY DISADVANTAGE NORTH AND MIDLANDS IN FAVOUR OF SOUTH OF ENGLAND". 

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