AGM Statement

Redrow PLC
5 November 2001


2001 - ANNUAL GENERAL MEETING - 5 NOVEMBER 2001


At the Annual General Meeting held today, the Chairman of Redrow plc, Robert
Jones, made the following statement.

I am pleased to report that in the current financial year Redrow is continuing
to make good progress both in terms of sales and the expansion of its land
bank to support future growth.

Having entered the year with a record forward sales position of 1,266 units
with a combined value of £176 million, sales since 1 July have been at
satisfactory levels running slightly above the previous year.  Further, since
the 11 September there has been no significant change in our markets which
have remained steady in each of our Regions and for each of our brands .

The housing market remains sound due to continuing affordability as a result
of prevailing low interest rates and the constrained land supply due to the
planning regime.  Redrow, because of its long-term land strategy, is in a
strong position with all plots for projected legal completions in the current
year owned and over 85% of the following year owned with a further 10%
controlled.

With regard to land acquisition, since the beginning of the financial year,
Redrow has completed the purchase of approximately 1,250 plots of which 480
are within the Southern Region, 500 in the Western Region and 270 in the
Northern Region.  These represent an investment of some £30m at an average
plot cost of £24,000.  The expected sales income from these sites is in excess
of £171.5m representing an average selling price of £137,000.

The Group has therefore further strengthened its land bank to support future
growth whilst maintaining the plot cost to selling price ratio at
approximately 17.5%

I am also pleased to report that Redrow Commercial, in addition to completing
the sale of the Wakefield office development in August, has recently secured
planning permission for the infrastructure relating to the first phase of the
commercial development land at Buckshaw Village, Chorley, Lancashire

The Group currently has a record forward sales position and a record land bank
with both its major commercial schemes at Windsor and Altrincham, Manchester
fully let.  We remain committed to developing the product range and our brands
across our three Regions as well as developing mixed-use schemes that will
provide opportunities for both our residential and commercial expertise.

Redrow remains focused on delivering sector leading operating margins together
with a consistently high return on capital to give sustainable and profitable
growth and through this to deliver value to its Shareholders.