Redrow's new heritage

Housebuilder Redrow is banking on a range of newly-designed family homes to underpin its recovery after recording its first profit since 2007.

The Flintshire-based group said the New Heritage Collection houses, which have a higher average selling price at 180,000, had been "extremely popular" since their launch in February.

Redrow - the fifth-largest housebuilder in the UK by volume - said that while the new range had little impact on sales during its last financial year, it expects 40 per cent of legal completions this year to be from the collection.

The firm posted a profit before tax and one-offs of 700,000, its first profit in three years.