UK housebuilder Barratt Developments has delivered a strong first half performance, with good customer demand driven by a positive market backdrop.
It it’s latest trading statement, Barratt said the land market remained favourable and it had secured attractive land opportunities.
Business performance continued to benefit from good mortgage availability and a supportive Government policy environment.
Average net private reservations per week were 246 (2016: 247) for the period. The sales rate for the period was in line with the prior year at 0.68 net private reservations per active outlet per week.
Barratt launched 93 new developments in the period (including JVs) (2016: 83) and operated from an average of 376 outlets (including JVs) (2016: 374).
Total completions (including JVs) were 7,324 (2016: 7,180) units.
Total average selling price(ASP) on completions increased by 6.5% in the period to .£281k (2016: £263.8k), with private ASP up by 5.9% to c.£314k (2016: £296.4k) benefiting from mix as well as some underlying house price inflation.
Commenting on the latest update. David Thomas, Chief Executive said: "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.“
The market was not overly impressed by Barratt’s latest numbers as concerns still exist of the UK housebuilding sector in general now and post Brexit.
The company’s share price was down just over 2% in early morning trading to 620.20.