Barratt Homes have reported an increase of almost a fifth in new home reservations in the last 12 months, according to whathouse.co.uk.
Barratt’s said that the average sale price on one of their developments is now £181,200, a year on year increase of over 3 per cent, indicating that market conditions are improving.
With reservation volumes reaching almost 22 per cent higher than the same period last year Barratt’s expect further improvements in new home sales, despite the imminent end of the first time buyer stamp duty holiday.
The South East of England, where most of the developer’s sites are located, saw the biggest rise, helping them make a half year profit of £21.6 million, following a loss of £4.6 million for the same period last year.
Mark Clare, Barratt’s Chief Executive, is said to be pleased with the progress, despite the weak economic climate, commenting:
“Over the last six months, we have continued to improve the performance of the business, despite the wider economic uncertainty”.
With the first time buyer stamp duty holiday coming to an end on 24 March, Barratt Homes will no doubt have concerns as to whether the increase in demand will continue. Although the hope is that the Mortgage Indemnity Scheme, introduced by the Government, will see demand increase considerably.
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