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Barratt Homes reports a 45% jump in profits Barratt Homes reports a 45% jump in profits
(about 3 hours 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.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.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.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.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."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.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.
Later, the government announced its latest figures for the take up of its two Help to Buy schemes.
It said these are proving equally popular.
The Equity Loan scheme has issued 56,402 mortgages since it started in April 2013 - it only applies to newly built houses.
Under this, the government takes a stake of 20% of a property's value (up to £600,000) and receives its loan back once the property is sold or the mortgage re-paid.
The Mortgage Guarantee scheme has issued 56,401 mortgages since starting in October 2013 and can be used for any property.
In this scheme the government underwrites loans of up to 15% of a property's value up to £600,000.