Barratt reports rise in private sales and reservations

Barratt reports rise in private sales and reservations

In a trading update covering the 19 weeks to 10th May, Barratt Developments has reported that visitor and reservation rates have risen as the Spring selling season gets underway.

Cancellation rates averaged approximately 16% for the period, compared to 25.7% a year earlier.

Visitor levels per site for the 19 week period were down 6% compared to a year earlier, although over the six weeks to the end of March, visitors per site increased by 7.8%

Private sales per week per site rose 4.4% on the same period last year and were up 20.5% on the first half of the group’s financial year.

While the housebuilder is aware that sentiment has improved, it is still experiencing some downward pressure on price from lender valuations.

Group chief executive, Mark Clare, comments: a�?Since the New Year we have sold over 4,600 homes at acceptable prices. We are on track to deliver volumes and margins in line with our expectations.”

He adds: “Whilst there are early signs of stability, the housing market remains challenging, and is constrained by a lack of mortgage finance on appropriate terms.a�?

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