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| Barratt Developments profits double | |
| (35 minutes later) | |
| Housebuilder Barratt Developments has reported a 103% surge in annual profits on the back of "sustained strength" in in the property market. | Housebuilder Barratt Developments has reported a 103% surge in annual profits on the back of "sustained strength" in in the property market. |
| It said pre-tax profit for the year to June was £390.6m from £192m last year. | It said pre-tax profit for the year to June was £390.6m from £192m last year. |
| However, the company said the housing market was returning to "more normal seasonal trends" following "exceptionally high levels of activity" after the launch of Help to Buy. | However, the company said the housing market was returning to "more normal seasonal trends" following "exceptionally high levels of activity" after the launch of Help to Buy. |
| Average selling prices rose 12.9% in the year to £241,600, Barratt said. | |
| Total completions rose 8.6% to 14,838 compared with 13,663 a year earlier. | Total completions rose 8.6% to 14,838 compared with 13,663 a year earlier. |
| Mark Clare, chief executive of Barratt Developments, said the significant improvement in the company's performance was the result of its £3.8bn investment in land since the middle of 2009, as well as the recovery in the housing market. | Mark Clare, chief executive of Barratt Developments, said the significant improvement in the company's performance was the result of its £3.8bn investment in land since the middle of 2009, as well as the recovery in the housing market. |
| Barratt is the latest housebuilder to report a significant increase in profits. | |
| Last month, Berkeley Group reported a 40% jump in annual profits following what it called a surge in economic confidence in the last year. | Last month, Berkeley Group reported a 40% jump in annual profits following what it called a surge in economic confidence in the last year. |
| It said pre-tax profits for the year to 30 April were £380m, compared with £270.7m a year earlier. | It said pre-tax profits for the year to 30 April were £380m, compared with £270.7m a year earlier. |
| It added there was capacity to increase house building with the continued support of the Help to Buy scheme. | It added there was capacity to increase house building with the continued support of the Help to Buy scheme. |