Redrow is to break ground on new plots
Building group Redrow has detected signs of a pick-up in the housing market - and is starting construction work on some of the plots it mothballed when sales of new homes collapsed.
New ground: Redrow has started construction on new housing developments
Redrow's total sales are reckoned to be lower than they were a year ago. Since January, it has had around 16% fewer sales outlets than a year earlier.
But average sales for each of the remaining outlets are higher than in the first months of 2008. The pace of house price falls 'has abated in recent months,' said the company.
After a boom in building city centre flats between 2004 and 2006 led to a glut of supply, Redrow plans to focus on traditional family houses.
'We aim to return the company to its historic position of a premium brand within the sector,' said Redrow. Its shares rose 5½p to 189¾p.
• Building and contracting group Galliford Try echoed Redrow's positive comments on housing. The improvement in the market seen in the first few weeks of the New Year has been maintained, the company said yesterday.
The group's order book in its building contracting division stands at £1.7bn - the vast majority of the work being for the public sector.
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