National housebuilder rejects doom and gloom

24 Feb 2011

Reported by recently, Redrow founder and chairman Steve Morgan rejects gloom and considers that the housing market has “started encouragingly” in 2011 following the house-builder’s return to profit in the second half of 2010.

The company posted pre-tax profits of £8.5m for the six months to December 31, compared to a loss of £8.7m in 2009.

Mr Morgan is reported as saying that much of the upturn was due to the introduction of a housing range that moves away from first-time buyers and into the middle-market, that trading so far in 2011 was reported as being “comfortably ahead” of the same period in 2010 and that “looking ahead, house prices have been stable for some considerable time now and we do not share the pessimism of some commentators that there will be a major fall in house prices during the coming year.”