Redrow announces that private reservations on are on the increase

A glimmer of hope appears on the housing front as Redrow, the house builder, has announced a 47% rise in net private reservations on the same period last year as 2009 house sales stabilise. In a statement the group said that in the first 18 weeks of the financial year, private reservations averaged 45 homes per week with private reservations averaging £149,000. The group added that it is to focus now on family housing, a move it expects to boost average selling prices further.

It believes that mortgage availability, particularly in the higher loan-to-value category, remains a problem for the industry, although there has been some slight easing of the situation in recent weeks. Down valuations by surveyors in respect of new mortgage applications remain an ongoing issue and are the principal cause of cancellations.