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Housebuilder Redrow has seen revenue dip in the first few months of its financial year compared to the 鈥渆xceptional鈥� period in the immediate aftermath of the financial crisis, it said today.

Chairman Richard Akers said in a statement issued prior to the housebuilder鈥檚 AGM today that turnover from the sale of homes was down 4% at 拢666m in the 19 weeks to 5 November.

The business also saw private reservations per site per week drop from the 鈥渦nusually high鈥� rate of 0.75 in the same period last year, to 0.68 this year.

But the firm said it had nevertheless entered the financial year, from the start of July, with a 鈥渞obust housing market鈥� and that trading 鈥渉as remained strong鈥�.

Part of the drop in sales per site per week is down to the reduced use of the government鈥檚 Help to Buy subsidy, which changed to a less generous system in April. Akers said Help to Buy accounted for 鈥渙nly鈥� 9% of reservations in the period.

He also added that the period was being compared against an 鈥渆xceptional鈥� period last year, as the market was surging back into life following the spring covid lockdown.

Despite the dip in reservations per site per week, the firm said it had nevertheless seen the value of private reservations increase by 2%, to 拢672m, given average price rises per unit of 14%.

This price rise was caused, he said, by both general price inflation and by a change in product mix.

Redrow said it was maintaining build rates at 鈥渘ormal鈥� levels despite supply chain challenges and was experiencing annual build cost inflation of around 5%, in line with similar comments from rivals Persimmon and Vistry this week.

Akers said turnover was now expected to be in line with that seen in 2019, prior to the pandemic. 鈥淲ith the strength of our order book, ongoing sales rates and the increase in private average selling prices, we now expect our turnover for 2022 to be c拢2.1bn, and our operating margin to be c19%,鈥� he said.

Profit at Redrow more than doubled in full-year results to June 2021 as it recovered from the pandemic, albeit turnover was still down in comparison to before the pandemic.