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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 average house prices had risen by 8.7% to £262,500 over the past year. 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.