Shares of Redrow PLC (LON: RDW) soared more than 6% today on a double boost from the Government’s plans to support homebuyers and a new investment in Nottinghamshire.
It has been announced today that the UK government is considering to exempt most homebuyers from paying any stamp duty. As a result, shares of the most homebuilders soared higher to open the new trading week.
Moreover, Redrow said it has acquired an almost 30-acre site in Nottinghamshire, where it plans to build over 150 homes.
“We are thrilled to be expanding into Nottinghamshire and providing people in the region with much-needed, high-quality new homes,” Martyn Pask, managing director for Redrow Homes East Midlands, said.
The company’s East Midlands division will now seek to receive planning permission for its plans.
“We know that life in lockdown has reinforced what house buyers want and need from a new home and we would like to invite potential buyers to register their interest now to be among the first to know when new plots are released and the showhomes are opened,” Pask added.
Asktraders reported last week that Redrow expects its turnover to drop by a third in 2020. As a result, the homebuilder will be drastically scaling back its operations in London.
Redrow share price is up over 6% today to trade above 450p. The buyers are now on the brink of breaking the descending trend line, paving the way for a move towards 500p.