Demand for housing remains high post Brexit vote

Demand for housing remains high post Brexit vote

More than 1,500 visitors turned up at just four brand new Redrow developments over the weekend as the company confirmed housebuilding fundamentals remain unchanged despite the Brexit vote.


Redrow reported that available homes at all four locations were snapped up virtually straight away – three in 10 minutes at Woodland View, in Prestwich, Manchester, where the queue was already snaking along the road when sales staff arrived for work; the company also took ‘early bird’ registrations which will give people priority to purchase on selected properties.

Redrow’s Group sales and marketing director Dave Bexon said: “After Friday’s headlines that housebuilding would be one of the sectors impacted by the UK’s vote to leave the European Union, it was refreshing to see that demand for our homes was as high as ever, if not more so.”

“While last week’s EU referendum result has thrown the country into political turmoil and a degree of economic uncertainty, our experiences over the weekend suggest that the housing market can – and will – prosper. The fact remains that after decades of undersupply the UK faces an acute housing crisis and we believe this will continue to fuel the demand for new homes.”

Trading Statement

In a trading statement released on the 28th June the company noted: “In the run up to the EU referendum there was no impact on house sales or visitor levels. Although it is too early to tell whether Brexit will have any effect on future sales, initial feedback is that sites remain busy, reservations continue to be taken and, indeed, we witnessed long queues and strong reservations at new sites launched last weekend. The fact remains that there is a long term underlying demand for new homes following decades of under supply. This chronic shortage of housing leaves market fundamentals unchanged.”

Redrow reported that, “The value of private reservations achieved for the year, driven by strong regional growth, was a record £1.56bn, up 46% on 2015 (£1.07bn).”


Image: Would-be customers queuing outside the Redrow sales office at Woodland View, Prestwich.

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