Redrow shares rocket on soaring UK house prices make

Redrow shares rocketed on Feb. 17 after soaring 10% in the market open.

The house builder revealed that sales jumped 54% to a record £560.6 million over the first half of its financial year as Britons couldn't get enough of its properties.

It also said that 14% more people snapped up homes for an average of £300,000, which is up from £262,000 a year earlier.

This is above the national average of £271,000.

"Our policy of retaining capital to concentrate on growth continues to reap the benefit, with a further substantial rise in both turnover, up 54% and pre-tax profits, up 92%," says Steve Morgan, Chairman of Redrow, in a statement.

According to the group, the government's stamp duty reforms will boost demand and orders.

Last year the Conservative-led coalition scrapped the old slab stamp duty tax system and installed a model that is more like how income tax is calculated.

The new stamp duty calculations will make it cheaper for 98% of Britons buying a house because only those purchasing a property over the bracket of £1 million.