Mortgage News
Help to Buy boosts Barratt’s completions
Housebuilders Barratt Developments has reported 29% of its 6,195 completions, which took place in the six months to 31 December 2013, used the Help to Buy Scheme, its latest trading statement revealed.
Overall completions for the period increased by 19% compared to the same period the year before while forward sales surged by 71% in comparison, to £1,265m.
In its statement, Barratt said: “The Help to Buy scheme continues to have a positive impact on the demand for new homes in particular providing support to first-time buyers.”
The national housebuilder reported some increase in underlying sales prices across the group, due to improved market conditions and stronger consumer demand, largely in the form of reduced sales incentives.
Mark Clare, group chief executive, said: “As a result of the continued recovery of the housing market across all regions and our £3.1bn investment in new land over the last four years we have been able to increase materially the number of new homes being built and our profitability.
“Our disciplined approach to running the business is delivering significant improvements across all key financial metrics and with forward sales of over £1.2bn we are well placed for the fiscal year 2014 and beyond.”
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