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September 9, 2010    

Barratt completions take a tumble

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by Gill Montia

Barratt Developments completed 11,377 homes in the year to the end of June, down from 13,277 in the previous 12 month period.

Furthermore, over the 10 weeks since the group’s financial year end, net private reservations averaged 0.48 per active site per week, down from 0.51 in the same period of 2009.

Cancellation rates remained low, at an average of 11% (2009: 12.3%), and the house builder’s chief executive, Mark Clare, describes the UK housing market as having “steadily improved” over the year to the end of June.

However, he adds: “By historic standards the market remained difficult and activity levels continued to be extremely low in terms of the number of house buyers and sellers.”

According to Mr Clare, the key restriction on the industry is mortgage finance with the the lack of availability of suitable higher loan-to-value products “continuing to restrict the new build sector, where customer deposits have traditionally been lower”.

Finally, the average selling price of a Barratt home, (excluding joint ventures) was up by 10.9% in the 2009/10 fiscal year, to £174,300, mainly due to changes in mix.

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