Barratt 73 per cent profit uplift underlines upturn in housing market

Britain's biggest housebuilder is building more homes than it has at any time over the past five years, the company has said.

In its half yearly financial report for the six months ending on December 31, Barratt revealed completions were up by 19 per cent, sales by 33 per cent and profit by 73 per cent.

It has said there is a strong outlook for 2014 with net private reservations up by 30 per cent and sales at February 23 up by 56 per cent on the same date last year.

Barratt Developments chief executive officer Mark Clare said: "Underpinning this strong performance is an improved market and a business model that is delivering homes that people want to buy in places they want to live.

"Our disciplined approach means that we have been able to increase the number of new homes we are building while driving up profitability, return on capital and dividends. Our momentum has continued into 2014 with sales rates well above last year and forward sales of £1.7bn."

Clare said that the company was on a recruitment drive to employ 1,100 apprentices, graduates and trainees over the next three years.

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