The housebuilder said it had completed on 17,395 homes in the year to June, up by a fraction on the previous year, while selling prices rose by almost 6% to an average of £275,000. Barratt said that market forces are supportive, with “attractive mortgage financing and the support of Help to Buy driving strong consumer demand”.
As a result, profits for the year are now predicted to increase to £765m, ahead of market expectations which had predicted profits in the range of £699m to £740m.
It has forecast that it will deliver “modest growth” on wholly owned completions in the next financial year, though it is notable how much the firm scaled down land purchases following the Brexit vote. It purchased 18,497 plots over the year, down from 24,387 the previous year.
David Thomas, chief executive of Barratt Developments, said: “It has been another very strong year for the group both operationally and financially. We have delivered our highest number of completions for nine years, more than any other house builder, and continue to see a positive mortgage environment and strong consumer demand.
“In March we were recognised as a five star builder by the Home Builders Federation for the eighth year in a row and we are determined to lead the industry in quality and service as we drive operational improvements through the business.”