London Loses Its Appeal as Virus Sends Housebuilders to Suburbs
- Redrow to scale back business in London, expects profit hit
- Data shows deals lagging in U.K. capital compared to regions
Scaffolding surrounds a house being built in Greater Manchester.
Photographer: Matthew Lloyd/BloombergThis article is for subscribers only.
One of the U.K.’s largest homebuilders is scaling back its London business to focus on leafier suburbs as it bets the coronavirus will spur a shift away from the capital.
Redrow Plc thinks buyers want more greenery and homes large enough to accommodate workspace after the outbreak forced Britons to stay indoors. The company expects the restructuring to substantially hit profits this year as it reallocates resources from inner city apartments to single family homes, according to a statement Tuesday.