UK property market: Redrow share price rises as it posts 91 per cent profit increase

 
Lynsey Barber
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Property market boom helped Redrow record record profit (Source: Getty)

Despite recent signs of slowing growth in house prices, housebuilders are still riding a healthy property market wave - Redrow is the latest to post stellar results, with a 91 per cent rise in profits.

Help to Buy helped the housebuilder make a record £132.6m pre-tax profit for the year to June, compared with £69.4m in 2013. Earnings per share grew 83 per cent to 28.6p.

Completions jumped 27 per cent, with the government’s flagship Help to Buy scheme representing more than a third of all completions, more than half of which were in the North of England.

Revenue also hit a record high of £864.5m, £124m of which came from London, though the developer said there were signs price rises “are now moderating” particularly in London.

Redrow chairman Steve Morgan said: “Market conditions have returned to a more seasonal pattern of activity. We have substantially increased our land bank, which should see a good growth in the number of outlets during the year. This, combined with our strong order book, leaves me confident that the group will see another year of significant progress."

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