4 November 2026
If you are covering Barratt Redrow's latest financial results, please find below a comment from Oli Creasey, head of property research at Quilter Cheviot:
"Barratt Redrow's first quarter trading statement is one of a company operating in a challenging environment, but finding ways to keep things moving. The company's sales rate (sales per outlet per week) has notched up incrementally in its first quarter (July-Oct) compared to the equivalent period last year, even as the private sales rate fell around 7%. That shortfall was made up by bulk sales to the private rented sector, a channel that wasn't in use 12 months ago. The company may be a little late compared to peers in making use of this sales channel, but it has today provided some protection from falling demand from individual buyers.
"The forward order book is also higher than this time last year, both in terms of volume and value. We do note that volume of sales year to date is lower than last year (down 12%), which the larger order book should offset - the differences in volume numbers are almost identical in each case. This isn't a huge surprise as the company has previously guided to full year 2026/27 being more second half-loaded than typical, and that is showing through in these numbers. However, it is always a slightly nervous wait to see if a company can deliver in these circumstances, particularly when the macroeconomic conditions are not helpful. Management is confident enough to reiterate guidance for the full year, which was roughly flat volumes year-on-year.
"Management also notes that the "Your First Home" scheme has the potential to be a tailwind for the sector, although it is too early to assess how much of an impact the scheme might have."
