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Redrow reports 47 per cent jump in home reservations as stability returns

HOUSEBUILDER Redrow yesterday reported a 47 per cent surge in home reservations on the year before and said home sales have been &ldquo;remarkably stable&rdquo;.<br /><br />The group yesterday said that for the first 18 weeks of the financial year, net private reservations have averaged 45 per week &ndash; a return to &ldquo;historic norms&rdquo; after the devastating slump of last year.<br /><br />Redrow said average home reservation prices were now higher than previous expectations at &pound;149,000. The group said its focus on larger family homes will drive average selling prices up further. <br /><br />Chairman Steve Morgan said: &ldquo;The underlying housing market remains influenced by the availability of mortgage finance and consumer confidence generally, but we enter 2010 well placed to meet the challenges and opportunities ahead.&rdquo; <br /><br />The firm also said its existing shareholders had snapped up 97.2 per cent of new shares issued as part&nbsp; its &pound;150m rights issue. Bosses said they expect to receive the final net proceeds from the rights issue shortly.