Redrow reports buyers flock to new sites post-Brexit
Redrow Homes reported long queues forming at four new site openings last weekend following the Brexit result. There is still strong demand for houses due to years of under-supply and this is likely to continue in spite of the current uncertainty, the company said.

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Redrow says there were “long queues and strong reservations” at four new site openings last weekend immediately after the Brexit vote.

In an upbeat trading statement covering the financial year to the end of June, Redrow said: “Although it is too early to tell whether Brexit will have any effect on future sales, initial feedback is that sites remain busy, reservations continue to be taken and, indeed, we witnessed long queues and strong reservations at new sites launched last weekend.

“The fact remains that there is a long-term underlying demand for new homes following decades of under-supply.

“This chronic shortage of housing leaves market fundamentals unchanged.”

The firm said that the new homes market remained strong during the year, with the value of private reservations at a record £1.56bn, up 46% on 2015 (£1.07bn). The average selling price was £328,500, against £297,300 the year before.

The number of active sales outlets rose from 117 to 128 during the year.

Redrow said that altogether over 1,500 people visited four new development sites last weekend, all in the north.

Visitors included one man who slept overnight in his car to put down a deposit.

Redrow sales and marketing director Dave Bexon said: “While last week’s EU referendum result has thrown the country into political turmoil and a degree of economic uncertainty, our experiences over the weekend suggest that the housing market can – and will – prosper.

“The fact remains that after decades of under-supply the UK faces an acute housing crisis, and we believe this will continue to fuel the demand for new homes.”