This house builder gave a vital clue as to why Britain isn't building more houses
Sean Gallup/Getty Images
People are desperate for properties. So what's holding house builders back?
Home builder Redrow gave a clue in its results statement today. And nestled in the middle of a statement is a comment that highlighted how there is really only one reason for holding back on output (emphasis ours):
The shortage of skilled people continues to be a constraint on output, although this situation has eased over the last six months. It is essential we encourage more young people into the industry and provide them with a route to a successful career.
Redrow continues to be at the forefront of this process.
We now have 304 apprentices, graduates and trainees in the business compared to 104 three years ago and expect this number to increase in line with the growth in the Group.
Redrow posted some insane results for the six months to December 31, 2015.
First of all, the private average selling price for a Redrow property, which are outside London, increased by 11% to £300,000 ($433,167). This is above the UK national average of £288,000, according to the Office for National Statistics.
Other highlights from its financial results include:
- Group revenue rose 8% to a half year record of £603 million.
- Record first half pre-tax profit of £104 million, up 14%.
- Return on capital employed of 21% (2015: 21%).
- Interim dividend of 4p per share, double that of last year.
- Record number of employees at 1818, up almost 1200 from 2009 levels.
- Private order book up 51% at £655 million.
NOW WATCH: Wall Street's unbelievable secret history
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market