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Barratts Developments profits double 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, Barratts said. 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.
Barratts is the latest housebuilder to report a significant increase in profits. 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.