UK housebuilder reports rise in total completions
A UK Housebuilder has reported strong growth during the sixth month period ending in December 2017.
Issuing a trading update ahead of its interim results being released, Barratt Developments PLC saw total completions rise from 7,180 to 7324 year-on-year.
Also seeing an uplift was the average price which completed properties sold at, with the value growing to £263,800 from £281,000 during the same period in 2016. This represents an increase of 6.5%.
Momentum seemed to be growing in Barratts forward sales, with the number of seeing an annual rise of 401 to 10,921. In the latter half of 2017, these sales were recorded at a value of £2.83 bn, having risen from £2.33 bn year on year.
The company purchased £641.2 mln worth op operational land over the six month period, with over 13,k260 plots and 51 sites being approved. This accumulation of land was reflected in the fall of net cash, with the total at the end of the sixth period dropping £31.7 mln to 165 mln.
However, despite the growth observed over the latter half of 2017, Barratt’s outlook continues to be optimistic for the 2018 fiscal year, with the group stating that it predicts to approve over 20,000 plots.
Commenting on the figures was David Thomas. Barratt’s Chief Executive expressed his optimism at the company’s performance as well as its commitment to helping the address the shortfall of housing stock.
“We have delivered a strong performance in the first half, underpinned by our focus on quality, design and industry-leading customer service.
“As the UK’s largest housebuilder we remain firmly committed to helping address the housing shortage whilst delivering excellent operational and financial performance.
“In 2018 we are celebrating our 60th anniversary, and we are proud that we have built more than 450,000 homes across the country since 1958.”