Bricks

Barratt Developments expects to break nine-year completions record



Barratt Developments has said it expects to reach its highest number of completions for nine years in 2017.

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In a trading statement, the housebuilder revealed its total completions – including around 700 joint venture properties – are expected to be around 17,350 for the year.

Barratt’s total forward sales were also at a record level of £3.2bn as of 7th May 2017, up 12.7% on 8th May 2016 (£2.8bn).

"This has been another strong period both operationally and financially for the group,” said David Thomas, chief executive at Barratt.

“We remain firmly committed to delivering industry-leading build quality and customer service, recognised by the award of the Home Builder Federation's maximum five star customer satisfaction rating for the eighth consecutive year.

“…We now expect full-year profit before tax to be at the top of the range of current analyst estimates.”

Barratt attributed its high completion volumes to the wide availability of attractive mortgage finance following increased competition within the market.

The developer launched 46 new developments between 1st January and 7th May 2017, operating from 384 active sites per average week.

Barratt also said it continues to see upward momentum on private average selling prices, which have benefited from changes in mix as well as some underlying house price inflation.



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