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| Barratt Homes reports a 45% jump in profits | Barratt Homes reports a 45% jump in profits |
| (about 1 hour later) | |
| House builder Barratt Homes has reported a 45% jump in profits to £565.5m, partly thanks to improving mortgage availability and government support through its Help to Buy scheme. | House builder Barratt Homes has reported a 45% jump in profits to £565.5m, partly thanks to improving mortgage availability and government support through its Help to Buy scheme. |
| The firm said the market for new homes remained strong across Britain, with demand continuing to exceed supply. | The firm said the market for new homes remained strong across Britain, with demand continuing to exceed supply. |
| It said private house prices also rose by 8.7% to an average of £262,500. | |
| Barratt's chief executive, David Thomas, said the company was expecting further growth. | Barratt's chief executive, David Thomas, said the company was expecting further growth. |
| He said: "The new financial year has started very well; we have a strong forward sales position." | He said: "The new financial year has started very well; we have a strong forward sales position." |
| The FTSE 100 firm has built 16,447 new homes either itself or through joint ventures since this time last year and has committed £957m for nearly 17,000 more houses. | |
| Chairman John Allan said they had delivered an "excellent" financial performance. | |
| Due to the strong results, Barratt said it would pay investors a 10-pence-per-share special dividend. | |
| Richard Hunter, head of equities at Hargreaves Lansdown, said: "Housebuilders find themselves in an extremely sweet spot at present and Barratt is no exception. A combination of low interest rates, a general lack of new housing supply, rising house prices and increased mortgage availability all play into its hands." | |
| But he cautioned that the growth in the housing and mortgage markets could slow if the Bank of England raises interest rates over the next six months. |