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Thu February 20 2020

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Barratt buoyed by booming regions

12 Jan 17 House-builder Barratt says that outside of London it is busier than it has been for nine years.

In a trading update for the six months to 31st December 2016 Barratt Developments said that market conditions remained healthy and demand strong.

Profit before tax for the half-year is expected to be up around 7% to approximately £315m, (2015: £295.0m) while total forward sales (including joint ventures) are up 16% at £2,336.6m and wholly-owned forward sales are up 35% to £2,167.5m.

Completions outside of London are at the highest level for nine years at 6,813 (2015: 6,784), although with London projects coming to an end, total completions for the half-year (including JVs) were down to 7,180 (2015: 7,626).

Chief executive David Thomas said: “This has been another good half year for the group. Consumer demand is strong benefiting from good mortgage availability and ongoing government support. Our healthy forward order book and this strong demand leaves us on track to deliver on our volume guidance for the full year.”

Barratt Developments sold 17,319 homes in the year to June 2016, making it the biggest house-builder by volume in Britain.

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