WAKEFIELD: Housebuilder Redrow expects to return to profit in the second half as it sells more homes despite challenging market conditions.
"We expect to legally complete in excess of 2500 homes for the full year, which will result in a return to profitability for the second half period," Redrow said in an interim management statement today.
House prices had been stable since the start of 2010, the company said, adding the average selling price of its homes was up from the same period in 2009 and the first half due to a planned change in product mix.
"We have been encouraged by sales activity since the start of the calendar year with sales rates per outlet comfortably ahead of the same period last year," it said.
However, Redrow still expects the market to remain challenging this year, "given the uncertainties surrounding the election, the economic environment and continued restrictions on mortgage availability".
