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Redrow plots southern expansion but pulls back from London

Redrow has revealed it is looking to expand in the south with a new office.

In its results for the year ending 30 June, released this morning, the company said it was “continuing to search for more opportunities in the south” while holding its northern land at the same level.

The housebuilder is targeting the region to the west of London with a new Thames Valley division that was set up in July. A new office has been opened in Oxford as part of the move.

Redrow is pulling back from Greater London, however, where its land holdings have shrunk in the year.

Group chief operating officer Matthew Pratt said the London market was more vulnerable to Brexit-related uncertainty and the ending of Help to Buy in 2023.

On the outlook for the capital, he said: “We are particularly cautious about future investment and will continue to de-risk any investment through either PRS or partnership agreements.”

Today saw Redrow unveil a 7 per cent increase in pre-tax profit to £406m, up from £380m last year.

Revenue increased faster, jumping 10 per cent to £2.1bn.

Executive chairman John Tutte said the group had managed to deliver more than 6,000 homes in one year for the first time over the past 12 months.

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