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Mon June 21 2021

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Barratt has best spring for five years

10 May 12 Housebuilder Barratt Developments says that it has had its strongest spring selling season for five years.

In an interim management statement, the company said that average weekly net private reservations were up 25.3% for the first 18 weeks of 2012, compared to the same period in 2011. Both visitor numbers and the sales rate were up.

Private average selling price was up about 5% to £202,000, but this was due to changes in product mix rather than house price inflation.

Group chief executive Mark Clare said: “We have had our strongest spring selling season for five years. Our overall pricing levels have been maintained and average weekly net private reservations in the period are up 25% compared to last year.  As a result we’re ahead on achieving our objectives of improving profitability and reducing net debt.”

Forecasts on debt and completions have both been upgraded. Reducing debt is a ket objective and by 30 June 2012 it is expected to be down to £275m, significantly below the previously expected £3250m.

For the full 2011/12 financial year, Barratt is now forecasting around 600 additional completions compared to previous expectations, resulting in total completions (excluding joint ventures), up from 11,078 in 2010/11.

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MPU

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