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Barratt Developments says demand for new homes 'strong' Barratt Developments says demand for new homes 'strong'
(35 minutes later)
Barratt Developments has said that there remains "strong demand" for new homes, although the London market is cooling.Barratt Developments has said that there remains "strong demand" for new homes, although the London market is cooling.
In a trading update, Barratt, one of the UK's biggest housebuilders, said sales since July had risen by 4.3%.In a trading update, Barratt, one of the UK's biggest housebuilders, said sales since July had risen by 4.3%.
But the company said the London housing market was "more challenging" because of the higher selling prices.But the company said the London housing market was "more challenging" because of the higher selling prices.
The news comes on the day that a report said first-time buyers need more help to stop a decline in home ownership.The news comes on the day that a report said first-time buyers need more help to stop a decline in home ownership.
Average prices have fallen in central London due to an increase in stamp duty property tax and the uncertainty created by the June 23 EU referendum. Average prices have fallen in central London because of an increase in stamp duty property tax and the uncertainty created by the June 23 EU referendum.
"We are mindful of the potential for economic uncertainty created by the outcome of the EU referendum. However, market fundamentals are robust," said Barratt chief executive David Thomas. "We do recognise that at price points about £600,000, particularly at price points once you move above £1m, the market is clearly slower," said Barratt chief executive David Thomas.
"This has been another good trading period for the group," he said. When asked how much Barratt is cutting prices in London, he added: "You are seeing commentary about prices backing off year-on-year on a 5% to 10% basis so I think that it's in that sort of order."
Mr Thomas added: "We are mindful of the potential for economic uncertainty created by the outcome of the EU referendum. However, market fundamentals are robust.
"This has been another good trading period for the group."
The housebuilder has launched 69 new developments since July, compared to 51 in the same period last year. The company now has 385 sites, slightly up on last year's 380.The housebuilder has launched 69 new developments since July, compared to 51 in the same period last year. The company now has 385 sites, slightly up on last year's 380.
Barratt said the average rate of reservations per week were in line with last year, at 265.Barratt said the average rate of reservations per week were in line with last year, at 265.