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May 14, 2010    

Barratt reports rise in forward sales

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by Gill Montia

Barratt Developments has reported a 14% increase in private reservations for the period 1st January to 9th May 2010, compared with the previous six months.

In addition, overall forward sales rose 32% on a year earlier, to £1.07 billion.

In the first half of 2010, the average selling price of a Barratt home is on track to increase by around 15% on the prior year period, but largely due to mix changes.

Completions for the group’s 2010 financial year are expected to hit 11,500 units, with houses representing around 60% of total volumes compared to 46% in the prior year.

(Redrow recently made a similar move and committed itself to providing more family homes.)

Barratt says it is continuing to acquire land at attractive values, with terms agreed on 12,286 plots since mid-2009.

Group chief executive, Mark Clare, comments: “Our forward sales now exceed £1 billion, the highest level we have reported for two years … while the market has seen a measure of recovery we remain cautious given continuing economic uncertainty and constrained lending.”

Barratt recently became the UK’s first major housebuilder to receive the maximum five-star rating from trade body, the Home Builders’ Federation.

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