Building confidence continues to grow in Yorkshire
Fri 23 Sep 2016
HOUSEBUILDER Redrow Homes has said success in Yorkshire has been “pivotal” to the company’s growth as it reported record results with turnover of more than £1.38bn.
The company said Yorkshire division is marking a “productive year of growth” and that while its nationwide success signals a robust UK housing market, the achievements of its divisional arm indicates the regional market also remains strong.
In the year ending June 30, 2016, Redrow’s Wakefield-based operation, one of 13 operating divisions in England and Wales, completed more than 400 new homes, up 20% on 2015, across developments from Harrogate in the north to Wickersley in the south and from Steeton in the west to Grimsby in the East.
The regional company acquired or contracted on four new sites totalling 63.8 acres which, once complete, will have a total sales value of almost £136m, while creating dozens of jobs.
During the year, Redrow Homes (Yorkshire) launched six new developments in four different locations – Hall Croft, in Wickersley, Saxon Gardens at Sherburn-in-Elmet, Abode and Woodlands at Horsforth Vale, Horsforth, Leeds, and The Granary and Lancaster Mews, in York. It also completed two developments, The Limes at Horsforth Vale and Radley Fold, in Skelmanthorpe.
In the current financial year, the Yorkshire division expects to increase the number of homes it builds further to around 500 and to launch three developments in Sherburn in Elmet, Morley and near Harrogate, as it continues its rapid growth.
Redrow’s Yorkshire division directly employs 125 staff.
Warren Thompson, managing director for Redrow Homes (Yorkshire) said: “As a division we’ve enjoyed another year of growth and are pleased to have played our part in a record breaking year for the group.
“While the housing market has been in the spotlight once again post-Brexit vote, we’ve continued to experience very high levels of interest in our developments and strong sales due to a long term underlying demand for new homes outstripping supply.
“It’s set to be another exciting year for the division, with new sites launching and progress on our existing developments continuing apace.”
Nationally, Redrow recently reported strong growth. Turnover exceeded £1.38bn for the first time, operating profit increased by 23%, and the number of new homes completed rose 17% to 4,716 (2015: 4,022).
The company also bolstered its total workforce by 19% to 1,962 employees.
Story by Rachel Covill, Business Correspondant for The Business Desk.com