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Barratt completed 9% more homes in H2

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  • 13/01/2016
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Barratt completed 9% more homes in H2
Barratt Developments built 9.4% more properties in the six months to 31 December 2015 than H2 2014.

The property developer built 7,626 homes last year, up from 6,971 the year before.

Just under a third of these were completed using the government Help to Buy scheme, the same as in 2014.

Some 16% of completions were affordable housing, a marginal decrease from the 17% reported in 2014.

The average price of a Barratt home has also increased by 11%, from £253,200 to £281,000.

Taking affordable housing into account, the developer saw a 10.8% increase, with prices growing from £229,200 to £254,000 year-on-year.

The homebuilder’s total forward sales increased by 20% year-on-year, to just over £2bn in 2015 from £1,69bn in 2014.

David Thomas, chief executive of Barratt Developments, said it had approved £559m worth of land purchases and last year, bought 54 sites and almost 11,000 plots, compared to 53 sites and 7,242 plots in 2014.

It plans to approve between 16,000 and 18,000 plots in FY16.

In a statement, Barratt said the extension of the Help to Buy: Equity loan and the increase in the government’s equity loan to 40% in London would be important to its customers, particularly in helping buyers into the market.

Thomas said: “Overall, market conditions are good and we remain confident in our outlook for the full year as we continue to execute our strategies: aimed at ensuring disciplined growth, improving key financial metrics through a focus on efficiency and the continued delivery of attractive cash returns.”

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