Housebuilders cement strong recovery
During the first 19 weeks of its financial year beginning 1 July Redrow saw its reservations climb 52% compared to the same period last year to 1,400 homes, 35% of which were under the Help to Buy Scheme.
Retirement housebuilder McCarthy & Stone saw an 11% increase in apartment sales to 1,527 during the year to 31 August 2013 against 2012. Its revenue grew 21% to £310.8m.
But Redrow’s chairman Steve Morgan said that this “could be better” given the size of its landbank at just over 15,000 plots.
He said: “The regulatory burden involved in obtaining detailed planning permission and clearing conditions is the biggest constraint to the industry increasing production.”
Growth in output is widespread across the construction industry highlighted by figures from the Office of National Statistics which showed a 1.7% rise in output in quarter three and a 1.9% rise in quarter two this year.
The steady growth follows a prolonged period of predominately negative growth which began in quarter three 2011.
September 2013 compared with the same month 12 months ago showed the output of construction increased by 5.8% and over the same period new housing showed growth of 13.6%.