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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/redrow-on-track-as-profits-rise.jpg"><img class="alignnone size-full" title="Redrow boss Steve Morgan said the housebuilder's recovery remained on track" src="http://londonglossy.com/wp-content/uploads/2011/02/min-redrow-on-track-as-profits-rise.jpg" alt="Redrow boss Steve Morgan said the housebuilder's recovery remained on track"/></a></p>
<p>Redrow boss Steve Morgan said the housebuilder&#8217;s recovery remained on track after a return to half-year profits was followed by encouraging January trading.</p>
<p>The owner of Wolverhampton Wanderers, who two years ago rejoined the company he founded in 1974 after it posted its worst-ever set of results, said reservations in the first six weeks of 2011 are &#8220;comfortably up&#8221; on a year ago but it was too early to judge the key spring buying season.</p>
<p>He has revived the company by returning it to its roots and building more family homes under its New Heritage Collection, which reduces the company&#8217;s exposure to first-time buyers who are struggling to get mortgages.</p>
<p>The strategy helped the Flintshire-based company make pre-tax profits of £8.5 million in the six months to the end of December, compared to a loss of £8.7 million a year ago. The last time the company made a profit in the first half of its financial year was in 2007, before the credit crisis began.</p>
<p>Sales lifted 15% to £216.1 million as the average selling price of a Redrow home rose to £170,500, compared to £147,300 in the same period the previous year, an increase of 16%.</p>
<p>Mr Morgan said: &#8220;Redrow has been transformed over the last two years &#8211; the New Heritage Collection is proving to be an aspirational product for our customers and it has undoubtedly played a major part in repositioning the Redrow brand and lifting the group&#8217;s margins.</p>
<p>&#8220;Redrow continued to make good progress in the first half of the financial year against the backdrop of a housing market overshadowed by economic uncertainties, tax rises and government cutbacks.&#8221;</p>
<p>The improved demand so far in 2011 could prove temporary and may be the result of the market &#8220;catching up&#8221; following the disruption caused by the Arctic weather in December, he cautioned.</p>
<p>But Mr Morgan does not expect major falls in house prices over the next year despite the Government&#8217;s austerity measures and the sluggish economic recovery.</p>
<p>He said: &#8220;Looking ahead, house prices have been stable for some considerable time now and we do not share the pessimism of some commentators that there will be a major fall in house prices during the coming year.&#8221;</p>
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