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Sun November 01 2020

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Social housing aids Barratt

17 Nov 10 A strong rise in forward sales of social housing is compensating housebuilder Barratt for a decline in private sector sales.

Barratt reports that the value of forward sales in social housing on 14 November was £330.3m, a 44% increase on a year before. In contrast, private forward sales, still the larger part of its business, were down 16% to £540.6m. Overall, however, total forward sales were steady at £870.9m, compared with £872.8m a year previously.

The company reported that underlying selling prices remained stable during the period1 July 2010 to 14 November 2010. Average selling price on private sector completions increased 12% to £194,000. Including social housing, total average selling price rose 9% to £180,000, driven by changes in mix.

Group chief executive Mark Clare said: "Our strategy continues to be value and quality focused in a market where customers are taking longer to commit to house purchases.  Whilst the autumn selling season has been weaker than anticipated, our encouraging performance on price is expected to drive margin growth for the year."

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MPU

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