Thursday, 7 September 2017

Redrow - not land banking in the slightest.

From page 26 of their accounts to 30 June 2017:


The Group added 5,419 plots with planning permission to our owned and contracted land bank in the year. This more than replaced the record 5,319 legal completions (excluding JV) and we ended the year with 26,100 plots in our owned and contracted land bank.

This was a small increase on the very strong closing position in the previous year and represents about five years output and a Gross Development Value, based on our 2017 average selling price of £8.2 billion.

Forward land again made a significant contribution, comprising over 60% of the 5,419 additions in the year across 22 sites. This included the important strategic 'Plasdwr' site - Cardiff's new Garden City.

Despite transferring 3,356 plots to the owned and contracted land bank, we still increased our forward land bank by a net 766 plots to 26,400 plots. Over 40% of these plots are allocated for housing in Local Authority plans.

To sum up, that's ten years' supply, with a book value/cost of £1.339 billion.


Lola said...

I make it that they have 52500 plots...crikey!

Mark Wadsworth said...

L, ten years supply s normal nowadays.