House price rise boosts Barratt

Published:  13 May, 2010

GUILDFORD: Housebuilder Barratt Developments said it would deliver a profit in the second half of the year. The company, like other housebuilders, reported improved sales rates since February.

Its average selling price is expected to rise by 15% by 30 June, due to a shift in the type of houses being sold.

The company said net private reservations in the 19 weeks to 9 May rose 4% year-on-year, while forward sales increased by 32% year-on year, standing at £1.07bn.

Mark Clare, Barrett's chief executive, said: "The increase in our selling prices coupled with effective cost control is leading to good margin growth and we expect to deliver a profit for the second half."

House price growth accelerated in April according to a survey conducted by the Royal Institution of Chartered Surveyors, echoing figures from the Nationwide Building Society that showed prices recovered last month after a disappointing start to the year.

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