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Redrow boss airs mortgage frustration
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Redrow’s private home sales have risen 9%, but chairman Steve Morgan has aired his frustration over the current mortgage crisis.

Reporting to the City today (November 4) on the first 18 weeks trading of the current financial year, Morgan said that Redrow's New Heritage Collection was “proving a great success”, but due to the mortgage situation “we are not able to grow the business faster.”

He added that regulators were “going too far” and that the suppression of housing demand could lead to another boom/bust cycle. The way to break the cycle he said, was to increase the supply of new homes by freeing up the supply of affordable mortgages.

But he added: “Despite the industry frustration with the lack of mortgages, Redrow remains in good health. With net debt of £58 million giving 13% gearing, our balance sheet is strong and we are well placed to pursue the right opportunities in the land market.”

Source: Housebuilder

See Also:   (6701), (115), (6), (1), (84)

Date Published: 04 November 2010

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