Success in the South Midlands for £1Billion turnover house builder
As leading housebuilder Redrow Homes reports a turnover in excess of £1billion for the first time alongside record annual profits, the company’s South Midlands division is also marking a productive year.
While Redrow’s nationwide success is a strong sign of a more buoyant UK housing market, the achievements of its divisional arm operating in the South Midlands indicates the regional market is following suit.
In the year ending June 30, Redrow’s Northampton based operation, one of 12 operating divisions in England and Wales, completed a total of 375 new homes in an area centred around Northampton and extending outwards to places like Milton Keynes, Leicester, Oxford and Cambridge.
Furthermore, the company purchased five new sites across the South Midlands comprising a total of almost 170 acres. Once complete, they will have a total sales value of circa £270 million, while stimulating dozens of new jobs and bringing a host of other economic benefits to local communities.
Redrow Homes (South Midlands) launched sales at seven locations during the year, including three in Northamptonshire, two in Cambridgeshire and one in Oxfordshire, while completing building work at three developments in Towcester, Deanshanger and Northampton.
In the current financial year, the South Midlands division expects to increase the number of homes it builds by around 35% to over 500 and plans to launch a further two new developments as it continues its rapid growth.
John Mann, managing director for Redrow Homes (South Midlands) said: “It’s a great time to buy in the South Midlands as house prices continue to rise across the region. There’s a huge demand for houses locally and this is illustrated by the impressive sales figures we have achieved across our developments.
“In the last six months alone we have sold a total of 75 homes at our four Leicester area developments – Nightingale Gardens, Hamilton Park and Hamilton Gardens in Leicester, as well as Thorpe Meadows in Countesthorpe. At our stunning new Asquith Park development in Sutton Courtenay, we have sold an impressive 20 of the 39 available homes since the site was launched in January. And having launched the first properties from our Abode range of contemporary looking homes in St Neots in June, the 55-property development is already 50% sold.
“Looking ahead to the coming financial year, South Midlands house hunters have much to look forward to as we prepare to launch exclusive new developments in Caddington, in Bedfordshire, as well as another in Wood Burcote, Towcester.”
Redrow’s South Midlands division is based in Northampton, and directly employs around 130 staff – of which 15% are trainees and apprentices - while providing work for dozens of subcontractors across its various building sites.
Nationally, Redrow this week reported strong growth. Turnover exceeded £1bn for the first time, operating profit increased by 54%, and the number of new homes completed rose to 4,022, a 12% increase over last year and 42% up on 2013. The company also bolstered its total workforce by 22% to 1,651 employees.
Redrow Homes is one of the country’s largest and most respected housebuilders, with a strong emphasis on high quality housing in prime locations.
: Established more than 40 years, Redrow Homes is one of the UK’s leading house builders, operating across England and Wales, with a strong emphasis on high quality family housing in prime locations. Its Heritage Collection of family homes combines traditional looking, ‘Arts & Crafts’ influenced exteriors with bright, modern, high specification interiors. The company has won numerous awards over the years, including, most recently, the Gold Award for Best Large Housebuilder at the WhatHouse? Awards 2014, the 2014 Building Awards Housebuilder of the Year and five consecutive 5* awards in the Home Builder Federation (HBF) annual customer satisfaction survey. Redrow also collected the award for best marketing initiative at the 2014 Housebuilder Awards and its ‘My Redrow’ online tool won the overall Customer Engagement category at the 2013 Peer Awards for Excellence.