Business as usual says housebuilder Barratt

Housebuilder Barratt Developments has said it is 'business as usual' following the EU referendum, adding that an under-supply of new homes is one of a number of factors still supporting the sector.
Barratt. Photo credit: Gareth Fuller/PA WireBarratt. Photo credit: Gareth Fuller/PA Wire
Barratt. Photo credit: Gareth Fuller/PA Wire

The firm said: “The wider market for new homes remains healthy across Britain, with a long-term under-supply of new homes, strong Government support to the sector and a liquid mortgage market.

“Consequently, we remain confident in the strong fundamentals of the housing sector and our business.”

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Barratt made the announcement alongside its full-year results, which saw it book a 21 per cent rise in pre-tax profit to £682.3m. The housebuilder increased completions by 5.3 per cent to 17,319 homes in the year to June - its highest total in eight years.

Revenue rose 12.7 per cent to £4.2bn.

Boss David Thomas said: “Our sales trends since the start of the new financial year have been encouraging, and underpin an increasingly ‘business-as-usual’ stance whilst we continue to monitor consumer, economic and other lead indicators closely following the EU referendum vote.

“I remain confident in the fundamentals of the housing sector and of our business.”

The latest Nationwide property index has given some encouragement to the property sector after house prices increased by 0.6 per cent month-on-month in August to reach a new record of more than £206,000.

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