The firm’s full year profits before tax increased by 44.8% to £565.5m against £390.6m in 2014.
The building firm reported average home sale prices up 8.7% to £262,500 in 2015, £21,000 up on 2014.
David Thomas, chief executive of Barratt Developments, said: “The new financial year has started very well; we have a strong forward sales position and are making very good progress towards our FY17 targets of at least a 20% gross margin and at least a 25% return on capital employed.”
In its annual report, the builder observed: “Government support for the UK house building industry has remained strong and the Government has extended Help to Buy (Equity Loan) in England until 2020.”
The firm expects Help to Buy in England to remain a very attractive opportunity for our customers, particularly first-time buyers, despite the fact Help to Buy has ended in Scotland and will end in 2016 in Wales.
It noted the positive mortgage market has handed customers access to mortgage finance that allows them to buy with a 5% deposit in England through the Help to Buy (Equity Loan) scheme and increased competition in the high LTV market.
The firm reported 2,853 affordable home completions for housing association partners to June 2015, against 2,255 the previous year.
In May, Barratt reported a record forward order book for the group of £2.5bn, with forward sales also up 17.9% to £2.59bn.
