Builder’s profit jumps to £765m

BARRATT Developments yesterday reported a jump in annual profits despite building 76 more homes than in the previous year.

The company said profits for the 12 months to the end of June were ‘ahead of market expectations’ at around £765m – up from £682.3m.

The surge came as Barratt built and sold 17,395 new homes – with around a third bought through Government mortgage scheme Help to Buy.

That was the most for nine years but only 76 more than the 17,319 completions delivered the previous year. Profits were boosted by a 6pc rise in the average selling price of its homes to £275,000. Shares gained 0.9pc, or 5p, to 589.5p.