StockMarketWire.com - House builder Redrow said trading had remained 'encouragingly resilient' in its financial year to date, with the value of net private reservations rising.

Redrow said net private reservations for the 18 weeks to 1 November, excluding a £119.5m PRS sale at Colindale Gardens, were up 2% on-year at £598m.

Including that sale, the value of private reservations was up 22% at £717m.

The sales rate per outlet per week on a like-for-like basis, excluding the PRS sale, was 0.67 compared to 0.64.

'For the first 18 weeks of the current financial year, trading has remained encouragingly resilient despite ongoing Brexit uncertainty and relatively weak demand in the wider housing market,' chairman John Tutte said in speech notes for the company's AGM.

The average selling price of private reservations was virtually the same as last year, excluding the PRS sale, at £389k, up slightly form £388k on-year.

Outlet growth continued to be affected by planning delays and a cautious approach to land acquisition amid economic and political uncertainty.

Redrow said it was currently operating from 128 outlets, up from 129 on-year.

'However, we remain on-track to operate from an average of 131 outlets this financial year,' it added.

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