Cancellations up for builder

HOUSEBUILDER Redrow has painted a bleak picture of the property market by revealing a “marked increase” in cancellation rates since Easter.

The company said trading conditions had deteriorated to an even greater extent than forecast in late February, with legal completions in the current financial year now likely to be ten per cent lower than estimated.

The housebuilder by market value said cancellations had been running at just over 20 per cent, but added there had been a pick up since Easter as nerves over the health of the property market intensified.