Positive interim results expected by housebuilder Barratt on back of easier mortgage market

Government support and an easier mortgage market have helped to drive up profits and orders at house-builder Barratt, but completions have slowed in London.

Barratt's completions were down in London.
Barratt's completions were down in London.

In its latest trading statement, issued ahead of its interim accounts on 22 February, the UK’s biggest housebuilder by volume expects to record a pre-tax profit of around £315 million for the six months to 31 December 2016, around seven per cent higher than the comparable period in 2015, when it was £295m.

The company said that overall market conditions were healthy with strong demand in the period for new homes. Completions outside London are at the highest level for nine years at 6,813 compared to 6,784 in 2015. Barratt also saw stronger reservation trends, in Scotland, the North of England, the North West and West Midlands but completions in London dropped from 7,626 in the second half of 2015 to 7,180 in the last six months of 2016.

Barratt said that total forward sales were up by 15.8 per  cent.

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 on-going Government support."

He added: "The fundamentals of the market are robust."

Last week the ONS released figures which showed the construction market saw a slight slowdown in output in November 2016. 


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