Redrow has reported a slight dip in profit and turnover for the first half of the year amid “challenging” conditions, but says there are signs the market is improving.

The housebuilder, in its results for the six months to 1 January 2023, reported turnover of £1.03bn, slightly down on the £1.05bn reported for the same period last year. Pre-tax profit also dropped slightly by 2.4% from £203m to £198m. 

The housebuilder said the new homes market “found itself in the eye of a storm” in the second quarter of its financial year, and the usual Christmas slowdown was effectively brought forward to October as a result.