Cancellation rates rising for builder
Last updated 11:39, Wednesday, 14 May 2008
HOUSE builder Redrow has added to the gloom surrounding the housing market by reporting rising cancellation rates.
It said rates have been running at just over 20 per cent, but have risen sharply since Easter.
Redrow added that both sales and prices have come under pressure as a result of the tough market conditions and the restrictions on mortgage finance.
The firm said its order book at its homes operations was down 26.5 per cent from a year earlier by the end of April.
The firm said net reservations to date were nearly 50 per cent lower in the period between 1 January, 2008 and 12 May, 2008 than they were the year before.
Redrow said the lack of mortgage availability had been a major factor in the recent slowdown.
