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House market 'back to normal'

HOUSEBUILDER Redrow has said the market has returned to a more normal selling pattern after a year in which its profits jumped to a new record.

The number of homes it built in the year to June 30 surged by 27 per cent to 3,597 as revenues rose by 43 per cent to a new high of £864.5 million. Profits lifted by 91 per cent to £132.6m.

Activity peaked last summer as the sales rate since the end of June this year has slowed to 0.64 per week, compared to the average of 0.70 for the last financial year.

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