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LONDON (SHARECAST) - Housebuilder Redrow said it expects full year completions to be marginally ahead of last year as it announced plans to sell loss making Scottish operations.
"The Board has concluded that although we have had a presence in Scotland for a number of years, the operation there is not of sufficient scale to generate acceptable returns and its preferred option is to sell that business," it said.
Redrow said it would instead focus on London and the South East.
The housebuilder, which kicks off a string of updates from the sector, said house prices have been stable for well over a year now; however its average selling price has seen a healthy growth, predominantly due to the shift in product to the New Heritage Collection.
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