(Alliance News) - Housebuilder Barratt Developments PLC said Thursday that it has performed well since the start of 2021, reflecting underlying market strength and strong customer demand for "high-quality sustainable new homes".
For the period from January 1 to last Sunday, total forward sales were GBP3.70 billion, up 31% from GBP2.83 billion at the same time in 2020 and delivered 4,481 home completions, up 28% from 3,504.
The increase in completions in the period reflected the delivery of customers' homes in line with the UK government's original Help to Buy scheme and the stamp duty holiday deadlines, Barratt said.
Looking ahead, the UK's largest housebuilder by volume said it is in a strong position with substantial net cash, a well-capitalised balance sheet and a healthy forward sales position.
Barratt said it expects wholly owned completions for the year to the end of June to be between 16,000 and 16,250 homes and to deliver around 650 joint-venture home completions. As a result, it now expects an outturn for the full-year modestly above previous expectations.
"We remain focused on delivering both operational improvements across our business and high quality, sustainable homes and developments across the country. However, we remain mindful of the continued economic uncertainties," Barratt said.
Barratt shares were up 1.1% to 774.00 pence in London on Thursday morning.
By Will Paige; willpaige@alliancenews.com
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Barratt Developments (BDEV)