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Delayed London Stock Exchange  -  12:35:15 2023-03-24 pm EDT
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Redrow : becomes first large housebuilder to introduce heat pumps and underfloor heating as standard

01/24/2023 | 05:07am EDT

24th January 2023

We're making further strides to future proof our homes and help customers lower their energy use. In an industry first, from this month homes on all our upcoming developments will be heated using air source heat pumps as we move away from traditional gas boilers.

The pioneering move will be implemented across Redrow developments nationwide and places us ahead of competitors when it comes to the Government's proposals to make all new build properties gas-free from 2025. The introduction of air source heat pump technology will have the biggest impact to date on the efficiency of our homes as we move towards an all-electric solution in line with our commitment to achieving net zero carbon by 2050.

Stepping up designs

We have seen increased demand for energy-efficient features from homebuyers in recent years. In fact, new research reveals that three quarters (74%) of UK adults admit that living in an energy efficient home is more important to them now compared to a year ago.

Currently, Redrow homes benefit from a 10% reduction in heat loss compared to its previous builds and are 63% more efficient than homes built in the 1970s. With leading fabric efficiencies, we are now looking to air source heat pumps to further increase the efficiency of its homes.
Redrow designs, which typically have a larger square footage than other new builds, work seamlessly with heat pump technology and use ground floor underfloor heating to complement its open-plan layouts. As well as being a desirable feature for customers, the lack of ground-floor radiators gives customers even more living space.

Matthew Pratt, Redrow's CEO, said: "We are committed to further improving the energy efficiency of our homes while maintaining our reputation for best in class build quality and design. We will shortly go above and beyond regulatory requirements, future proofing our homes and helping our customers lower their energy use. We know how important energy efficiency is to our customers and we're proud to be investing in newer, greener technology and leading the way by offering these energy efficient features. This will provide the opportunity for our customers to reduce their costs and carbon footprint simultaneously.

"The move to air source heat pumps will ensure our future homes are 'zero-carbon ready' for when the grid is decarbonised and supports our goal of achieving science-based net-zero emissions no later than 2050 across our operations, homes and supply chain."
Putting pumps to the test

We're working in partnership with Mitsubishi, Vaillant and Daiken for installation, with each offering their own training centre and facilities for installers to ensure a smooth transition from gas boilers.
As part of a Mitsubishi Electric heat pump trial, which included a lived-in customer experience over the period of a year under real life conditions, we monitored usage to compare energy consumption for heating and hot water against a benchmark home with a traditional gas boiler.

The results show that heat pumps consume significantly less energy than gas boilers, operating at an efficiency of around two to three times that of an A-rated boiler.

For more information, please visit: https://www.redrow.co.uk/promo/underfloor-heating

Consumer research conducted by Opinium on behalf of Redrow. Nationally representative sample of 2,000 UK adults, survey conducted online between 29th November-01st December 2022.



Redrow plc published this content on 24 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2023 09:06:01 UTC.

ę Publicnow 2023
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Sales 2023 2 052 M 2 529 M 2 529 M
Net income 2023 271 M 334 M 334 M
Net cash 2023 212 M 261 M 261 M
P/E ratio 2023 5,43x
Yield 2023 6,31%
Capitalization 1 437 M 1 757 M 1 772 M
EV / Sales 2023 0,60x
EV / Sales 2024 0,65x
Nbr of Employees 2 239
Free-Float 77,7%
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Last Close Price 447,20 GBX
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Matthew John Pratt Group CEO, COO & Director
Barbara May Richmond Group Chief Financial Officer & Executive Director
Richard John Akers Non-Executive Chairman
Oliver Reginald Tant Independent Non-Executive Director
Nicky Joy Dulieu Non-Executive Director
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