‘Pent-up’ demand for homes leads to strong sales for Barratt Developments

2 Barratts Developments chief executive David Thomas

Home builder Barratt Developments has boasted “wonderful” gross sales after lockdown led to extra folks wanting to maneuver home.

The listed agency, which was based in Newcastle however now based mostly in Leicestershire, stated the primary nationwide lockdown had led to “pent-up demand” for its residence as extra folks acted on plans to maneuver.

The introduction of the stamp responsibility vacation and the March 2021 finish of Assist to Purchase for current residence homeowners additionally helped increase demand through the six months ending December 31.

Throughout this time Barratt accomplished 9,077 residence, up 9.2% on the 8,314 it accomplished a yr earlier. Complete ahead gross sales grew by 14.3% to 13,588, at a worth of £3.2bn, up from £2.7bn within the first half of 2019.

Barratt CEO David Thomas stated: “All through the pandemic, our groups have labored exhausting to make our operations Covid-secure and our first precedence continues to be preserving our workers, sub-contractors, suppliers and clients protected. I’d prefer to thank our folks for his or her efforts in serving to us to rebuild completion volumes, drive additional operational enhancements and ship on our dedication to construct the very best high quality houses throughout the nation.

“Regardless of the continuing challenges introduced by the pandemic, we’re assured that our working efficiency and robust monetary place present us with the resilience and suppleness to answer the working surroundings in FY21 and past.”

Through the coronavirus pandemic, Barratt managed to implement a variety of new Covid-19 safe working practices and protocols. This allowed the corporate to extend its building exercise forward of its deliberate output to 298 houses per week.

Nonetheless, the enterprise did warn that because it entered December, it had a decrease degree of labor in progress than final June, that means it’ll have a larger reliance on building exercise within the second half of the yr.

On the time of writing Barratt Developments’ share value had elevated 4.04% to 716.8p per share.

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