Profits build up nicely as Barratt flags solid market

Housebuilder Barratt Developments has chalked up record profits and highlighted “continued strong demand” north of the Border.

The group saw half-year pre-tax profits climb 7 per cent to £342.7 million as total completions edged up 2 per cent to 7,324.

Revenues rose at a double-digit rate, lifting 10 per cent to £1.9 billion for the six months ending in December.

The solid performance was underpinned by the “positive market backdrop” and “good customer demand”, with the firm’s average selling price rising 7 per cent to £281,000.

Douglas Mcleod, regional managing director for Barratt in Scotland, said: “We’ve seen continued strong demand in Scotland with some of the highest levels of completions we have ever delivered.

“With low interest rates and the continued, albeit reduced, support of Help to Buy, we expect demand for new housing to remain strong through the rest of the year. We are looking forward to building more homes.”