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Wed September 18 2019

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Builders confirm continued housing growth

15 Nov 17 Barratt Developments, Britain’s biggest house-builder, reports strong trading conditions over the past four months and continued growth.

Since the start of July Barratt’s forward sales have been running 8.4% higher than last year.

Barratt’s financial year started on 1st July, since when total forward sales (including joint ventures) have reached £2,876m (2016: £2,654m).

Chief executive David Thomas said:  “We have started the financial year strongly with a good sales rate, driven by customer demand for new homes, and supported by an attractive lending environment. We remain committed to quality, build excellence and market leading customer service and are working hard to increase the supply of houses across the UK.

“We remain focused on driving operational improvements through the business and we continue to be confident in delivering a good performance in FY18."

Confirmation of continuing growth in the house-building sector also comes from Crest Nicholson. Crest Nicholson will report results for its financial year ended 31st October 2017 in January but provided a trading update today revealing a 2.3% growth in unit completions during the year, to reach 2,935 homes, and a 5.4% rise in average selling price to £391,000. Revenue will therefore be 6-7% up on 2016 and EBIT margins close to 20%.

“The new build housing market continues to be robust,” said chief executive Stephen Stone.

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