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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Housebuilder Redrow has warned the conditions in the housing market have worsened faster than it expected with reservations down 50% on this time last year due to a lack of mortgage availability.

"As at the end of April, our order book in the Homes operations was 26.5% down on last year. In the second half of our financial year, net reservations to date have been running at just under 50% below the levels secured in the same period last year," it said.

"Until recently, cancellation rates have been running at just over 20% but we have experienced a marked increase since Easter. It is becoming increasingly difficult to predict accurately reservation and cancellation rates," it added.

Completion this year are now forecast to be approximately 10% below its previous estimate while heavy incentives to enourage sales are hitting margins hard.

2008 will represent a more difficult trading environment than experienced for many years has materialised. Both sales activity and net selling prices have come under increased pressure due to the prevailing market conditions and in particular the severe restriction in the availability of mortgage finance.


As a result, the trading environment has deteriorated to an even greater extent than we had anticipated at the time of our Interim Results announcement. This partly reflects our cautious approach to the use of part exchange and shared equity or deferred consideration incentives.

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