Barratt Developments in Hampshire is continuing to see a high demand for its energy efficient new homes and has seen its house completions return to pre-pandemic levels, according to its recent trading update.
The housebuilder, which is bringing new homes to the county through its Barratt Homes and David Wilson Homes developments, has released its update for the year ending 30 June 2022, and the results are particularly positive.
A strong demand for the housebuilder’s new homes has resulted in a net private reservation rate of 0.81 per active outlet per average week and a completion total of 17,908 homes in the year (including 746 Joint Ventures). That’s ahead of both last year’s 17,243 and the 17,856 delivered in FY19 before the Covid crisis hit the industry.
These encouraging figures have given Barratt a pre-tax profit of between £1,050m and £1,060m, which is slightly ahead of the current market expectations of £1,048m and a 15% increase on 2021. This reflects the high demand from buyers and Barratt’s commitment to building high-quality, sustainable developments the country needs.
James Dunne, Barratt and David Wilson Homes Managing Director, Southampton Division, said: “This exceptional performance reflects the strong customer demand for our homes and the productivity of our sites. We are delighted that completions have now returned to pre-pandemic levels, and I am grateful for the hard work and dedication of our teams and partners over the past two years, which has meant we’ve been able to achieve this important milestone – something which has been highlighted in this year’s Pride in the Job awards.”
In June, Barratt was awarded 98 Pride in the Job Awards for outstanding site management in the 2022 NHBC awards, more than any other housebuilder for the 18th consecutive year.
Dunne added: “While there are clearly macro-economic uncertainties ahead, the housing market remains robust, our forward order book is strong, and we have the resilience and flexibility to react to changes in the operating environment. Our focus remains on addressing the UK’s housing shortage with the high-quality, energy efficient, sustainable homes and developments which we pride ourselves on building.”
Barratt is also well positioned for FY23m with total forward sales (including Joint Ventures) of 13,579 homes at a value of £3,622.3m. It also remains disciplined and selective in its approach to acquiring new land. The housebuilder has approved the purchase of 19,089 plots across 102 sites in attractive locations, equating to £1,396m.
In line with its commitment to being the leading national sustainable housebuilder, the business is well placed for the changes being introduced with the Future Homes Standard in 2022 as it continues to drive towards ensuring all of its new house types are zero carbon in use from 2030.
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