More signs of life in the housing market were offered today after builders Barratt Developments and Redrow reported higher sales and stable prices.
Barratt said visitor levels were up 11.9 per cent in the second half of its year compared with the previous six months, while the level of weekly private sales reservations raced 18.6 per cent higher year-on-year.
Its Flintshire-based smaller rival Redrow also noted a “relatively stable” sales market over the past six months, with private home sales up by 22 per cent to 600.
Both sounded a note of caution over the ongoing drought in the mortgage market, which threatens to hold back a sustained recovery in the sector.
"Without doubt this is a major obstacle to the recovery of the housing market and we are of the view that resolving this issue can play a significant role in a recovery of the economy as a whole,” said Redrow.
PA