Posted by: westlancashirerecord | September 6, 2017

Redrow Boosted By Help To Buy

The boss of one of Britain’s biggest housebuilders was £47,300,000 richer last night as Parrs Lane  proposed developer Redrow cashed in from Help to Buy. Posting a 26 per cent rise in profits to a record £315million, Redrow chairman Steve Morgan revealed two in five private house sales now come through the Government’s mortgage scheme. Critics said the scheme, through which the Government ploughs taxpayers’ money into the housing market, has done little to solve the chronic shortage of homes. Instead, they argue, it has driven up property prices and lined the pockets of developers.

The bumper figures sent shares in the company up 4.4 per cent, adding £29million to the value of the 29 per cent stake held by Morgan. The 64-year-old, who set up Redrow in 1974 and is one of Britain’s richest developers, was also promised a dividend payment of £18.3million, taking his gains for the day to £47.3million  .

With Help to Buy making up around 40 per cent of sales at Redrow, Morgan called for it to be extended beyond its current deadline of 2021. “Help to Buy has boosted housing supply and we look forward to working with the Government to consider the future of the scheme beyond 2021” he said. “We certainly hope that it doesn’t go away”.

Many Aughtonians wish Redrow would go away?


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