Trading Statement

Redrow PLC
17 December 2002



REDROW PLC - TRADING UPDATE


In line with best practice, Redrow plc is issuing the following pre-close update
on trading ahead of reporting the Group's interim results for the six months
ending 31 December 2002 on Thursday, 6 March 2003.

Redrow Homes

Trading

Reservations since 1 July 2002 have continued to outperform last year by 10%
after adjusting for the acquisition of Tay Homes.  Redrow will enter the second
half of the financial year with a record half-year forward sales position both
in terms of units and value.  Cumulative sales at 1 January are expected to
represent over 80% of forecast legal completions for the year to June 2003.  The
Division is well placed to deliver legal completions for the year in line with
our projections.

A number of housebuilders have reported some slowing in the market for higher
value properties.  The Group has very limited exposure to this market with only
5% of our homes having a selling price in excess of £300,000.  Redrow has a
strategy of maintaining a broad product offering appealing to a wide range of
the house buying public through the Heritage, Harwood and In the City brands.
This is reflected in the current average selling price for the Group of
approximately £145,000.  Demand in this sector of the market has remained sound
as evidenced by the Group's sales performance in the first half.


Land Bank

Further progress has been made during the period in growing the land bank
without any significant increase in the average plot cost thereby maintaining
Redrow's land bank as one of the most cost effective in the industry.


Redrow Commercial

Redrow Commercial has had a successful first half demonstrating its added value
to the Homes Division.  On the mixed-use site at St David's Park, the sale of
Optima, the 27,000 square foot office development, has been legally completed
together with a land sale. These transactions, together with the completion at
Western Approach Severnside in the second half of the financial year of the
pre-sale of the 51,000 square foot distribution warehouse pre-let to MacFarlane
Group U.K. Ltd, will enable Redrow Commercial to deliver a full year operating
profit in line with expectations.


Summary

Redrow continues to focus on maintaining a combination of operating margins and
return on capital employed at the top end of the sector to deliver sustainable
and profitable growth for its shareholders.  With its strong forward sales
position and land bank, Redrow is well positioned to deliver another good
performance for the full year.


Enquiries

Redrow plc                                           01244 520044
Paul Pedley


Brunswick
Patrick Handley                                      020 7404 5959
Nina Richmond



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