Barratt reports highest number of completions in 9 years

Barratt is expecting to complete the most homes in nine years in 2017 as it reports forward sales up record levels.

Barratt's Castewell development in Aberdeenshire. Image: Barratt Developments
Barratt's Castewell development in Aberdeenshire. Image: Barratt Developments

In a trading update for the period 1 January to 7 May 2017, issued today, the country’s biggest housebuilder by volume, said it was expecting to complete around 17,350 this year.

Barratt said its total forward sales, including joint ventures, were up by 12.7% as of 7 May 2017, to £3,205.7m, compared to £2,844m on 8 May 2016.

Barratt also said that market conditions were good, with increased competition within the mortgage market meaning there is a wide availability of attractive mortgage finance, which along with the Government’s Help to Buy scheme, was facilitating strong consumer demand.

Chief executive David Thomas said: "This has been another strong period both operationally and financially for the group. We remain firmly committed to delivering industry leading build quality and customer service, recognised by the award of the Home Builder Federation’s maximum five star customer satisfaction rating for the eighth consecutive year.

"Our controlled approach to growth means we are on track to deliver 17,350 completions in the year, the highest number of completions in nine years. This, combined with the strong market backdrop, means we now expect full year profit before tax to be at the top of the range of current analyst estimates."

The PLC recorded earnings of £1.82 billion in the six months to 31 December 2016, down 3.2% from £1.88bn in the same period the year before, in its H2 2016 results. However pre-tax profits rose 8.8%.

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