Housebuilder reports 19% increase in completions

Out-Law News | 14 Jan 2014 | 3:14 pm |

Barratt Developments completed construction of 19% more homes in the second half of 2013 than the same period the previous year, according to a trading update published by the housebuilder today.

Barratt said it delivered a total of 6,195 homes in the six months to 31 December 2013. It reported that private completions during the period were up 22.7% compared to the year before, although there was a 10% decrease in the number of affordable homes completed.

Nearly a third of the completions, excluding joint venture schemes, were carried out under the Government's 'Help to Buy' scheme, according to the housebuilder. It said that the scheme "continues to have a positive impact on the demand for new homes, in particular providing support to first time buyers".

Barratt said that the number of land plots for future development it had purchased in the six month period had also increased from the same period in 2012. In the South East and London, where the market is more competitive, it said that it is focused on acquiring land from the public sector and sites which are "larger or more technically complex".  

“As a result of the continued recovery of the housing market across all regions and our £3.1 billion 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," said Barratt Developments group chief executive Mark Clare in a statement.