Redrow Homes has warned that its margins will be five percentage points below expectations when it reports its full-year results for 2009
In a trading update this week, the housebuilder said figures for the year to 30 June 2009 would be hit by low house prices.
It said: “The level of consumer confidence and the condition of the lending markets lead us to conclude that the trading environment will continue to be extremely difficult in 2009.”
On a positive note, it said a £27.5m tax repayment as a result of land writedowns meant it was well-placed to meet its debt target of £225m at the financial year-end.
It completed 1,042 units in the six months to 31 December compared with 2,111 in 2007.