Demand for new homes in South Wales from Ewloe-headquartered Redrow is proving strong as the housing market finds a new, natural level.
Half-year figures released by Redrow show that the net private reservation rate per outlet per week over the first five weeks of the calendar year 2023 was 0.51 compared to 0.38 for the first half of the financial year. With mortgage rates down and home prices settling, Redrow has seen an increase in demand across all 11 developments in South Wales throughout January and February including the sought-after Churchlands in Lisvane, Cardiff where prices start at £549,995 for the three-bedroom Oxford Lifestyle.
With Rightmove saying that asking prices defied expectations in January 2023 by rising 0.9%, Redrow has seen a particular uptake in customers taking advantage of ‘Help to Sell’, a scheme allowing anyone with an existing property to sell who is interested in buying a new Redrow home to move with confidence. It makes moving easy and convenient for everyone with Redrow arranging the sale of the existing property via an approved local estate agent.
Beverley Wookey is Sales Director for Redrow in South Wales. She said:
“Help to Sell is just one of the ways we can support customers on the journey to buying a new Redrow home. It’s certainly proving popular, particularly given the demand for larger properties with space for home working continues to grow following the Covid-19 pandemic.
“The various lockdowns have also highlighted the value of green space so interest is strong in developments like Plas Ty Draw and Cae St Fagans at Plasdwr, both of which are surrounded by countryside yet offer excellent transport links. Our approach to energy efficiency also gives us distinct market advantage as we make further strides to future proof our homes and help customers lower their energy use. In an industry first, all our upcoming developments will be heated using air source heat pumps as we move away from traditional gas boilers.
“The market is definitely finding a new normal as mortgage rates drop and prices stabilise. There is no shortage of people thinking about making a move and wanting a better way to live with reduced energy costs; our job is to help make this happen by continuing to do what we do best – building stand-out homes in outstanding places with a five-star service built in.”
The pioneering move by Redrow to introduce air source heat pump technology will have the biggest impact to date on the efficiency of Redrow homes as the company moves towards an all-electric solution in line with its commitment to achieving net zero carbon by 2050.