Barratt Redrow average weekly sales rate fell from 0.59 to 0.57 over the 17 weeks to 26 October. The group completed 3,665 homes in the period, up 7.9% on the prior year.
The order book rose by £0.1bn to £3.3bn, representing a backlog of 10,669 homes. The growth was helped by higher average selling prices.
The landbank stood at around 100,000 plots, equivalent to around 6.2 years supply based on last year’s completions.
Full-year guidance to build between 17,200-17,800 new homes this year was reiterated. However, this relies on ‘normal’ trading patterns for the rest of the year, and doesn’t factor in any potential impact that the upcoming Budget could have on buyers’ demand.
The shares rose 1.2% in early trading.
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Barratt Redrow key facts
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This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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