Redrow plans to launch its Debut range of starter homes in each of its 10 regions by the end of the year.
The range comes in five styles with prices for 125-years leases ranging from £55,000 to £120,000. They will not be available for buy-to-let investors.
Paul Pedley, chief executive, said Redrow had proved it could deliver on what the government wanted in terms of price but now it was up to the government to create a sustainable framework using the planning system to manage how those houses were priced and ensure they stayed affordable.
The Independent says the pressure is now on rivals to come up with similar cost-effective ways of targeting first-time buyers.
The confirmation of the housebuilder’s plans came with the announcement of interim pretax profits up from £56.7m to £69.1m on turnover up from £310.8m to £373.8m.
The shares shed 1.5p to close at 408.5p.
References: Financial Times 09/03/05 page 23, The Guardian 09/03/05 page 17, The Times 09/03/05 page 43 (Results in brief), page 51 (City Diary), The Daily Telegraph 09/03/05 page 32, page 34 (City Comment), The
