Redrow is the latest housebuilder to report a record annual profit despite a subdued market at the end of the year and lower selling prices in London.
The FTSE 250 housebuilder delivered a pre-tax profit of £406 million for the year to the end of June, up 7 per cent year on year as revenue rose by 10 per cent to £2.1 billion. It sold 6,443 homes, a record in its history and 13 per cent higher than the previous year.
The average selling price for the period fell by 2 per cent to £324,500, which the company said was down to a higher social housing output.
