Starting the financial year with a record forward sales position has enabled Redrow to largely weather this year’s softening market, according to its pre-close trading update, issued this week. The firm’s average selling price is up 11% on last year, standing at £172,000, with forward sales “ahead of the historic norm,” according to the statement. Redrow Homes’ year-end operating margin is anticipated to be “marginally lower” than the 19.8% achieved in the previous financial year. “Whilst the establishment of this strong forward sales position did restrain margin growth in more favourable markets, it has now provided and continues to provide a cushion in the current market,” said Redrow. “Our forward sales strategy has enables, and will continue to enable, the group to focus upon the maximisation of selling price and profit at a time when selling prices have been stable.” The trading statement also confirmed the promotion of Neil Fitzsimmons to the position on chief executive on August 1, and Paul Pedley’s concurrent appointment as executive deputy chairman.