Govt housing measures 'not enough', says Redrow
- Published: 10 September 2008 17:01
- Last Updated: 10 September 2008 17:01
Redrow has said the Government must do more than last week's announced measures to settle nerves in the housing market.
Prime minister Gordon Brown unveiled a £1 billion housing package to help people get onto the housing ladder.
But Redrow chief executive Neil Fitzsimmons said: "The measures announced to date do not deal with the key issues of increasing mortgage availability and addressing how home buyers feel about the economy.
"The market will remain challenging for some time. The factors of mortgage liquidity and home buyer confidence are key to determining how long the problems will continue."
He was speaking as the firm founded by Wolverhampton Wanderers FC chairman Steve Morgan back in 1974 became the latest to see its profits shredded.
The firm saw 2007's pre-tax profit of £121.1 million crash into the red to the tune of £193.9 million thanks to a land writedown. Revenue was off one-fifth to £650 million.
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