September 17, 2021

UK’s Redrow says home sales to cool down to normal this year

The company logo of construction company Redrow is pictured on a flag at a new housing development near Manchester northern England, April 7, 2016. REUTERS/Phil Noble

Sept 15 (Reuters) – Mid-sized homebuilder Redrow Plc (RDW.L) said on Wednesday that Britain’s red hot housing market had been cooling down in recent months and home sales should return to a more normal trend later this financial year.

The British real estate sector, supported by a temporary, COVID-19 tax break for homebuyers, has showed signs of moderating since a phasing out of the tax holiday began in June, but most housebuilders until now had pointed to strong demand trends continuing.

“The buoyant housing market has moderated in recent months and we anticipate sales rates will return to historically average rates over the course of the current financial year,” Redrow Chairman John Tutte said in the company’s annual…

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