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House prices and forward sales up, says Barratt

House prices and forward sales increased during the last six months of 2009, Barratt reveals today.

In a trading update for the six months to December 31, 2009, the homebuilder said total average selling prices increased by 4 per cent to £167,000, while total forward sales were up 43 per cent to £651.2m on the previous year.

Completions for the first half were down to 5,028, from 6,905 during the same period the previous year.

Barratt also reduced its debt to around £610m from July to December, down from £1.3bn at 30 June 2009.

The statement says the group will incur “exceptional” costs in the first half of this year of around £130m, up from £512.4m during the same period in 2008.

Barratt group chief executive Mark Clare says: “Over the last six months we have successfully refinanced the business, reduced debt and invested in land which will deliver higher returns.  With margins growing and a 43% increase in total forward sales, the market has improved but is still subject to the major uncertainties of both mortgage finance and the general economic outlook.”



Towry Law apology

In articles entitled “How not to handle the trail question” and “Where’s the service for the trail cash” published in the issues of Money Marketing on 26 November and 3 December we wrongly stated that by accepting trail payments from providers, Towry Law were required under pre-existing contractual obligations to provide ongoing advice to clients […]


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