UK markets open in 5 hours 24 minutes
  • NIKKEI 225

    23,152.74
    -179.20 (-0.77%)
     
  • HANG SENG

    24,500.38
    -86.22 (-0.35%)
     
  • CRUDE OIL

    36.47
    +0.30 (+0.83%)
     
  • GOLD FUTURES

    1,874.30
    +6.30 (+0.34%)
     
  • DOW

    26,659.11
    +139.16 (+0.52%)
     
  • BTC-GBP

    10,475.47
    +89.18 (+0.86%)
     
  • CMC Crypto 200

    265.53
    +22.85 (+9.42%)
     
  • ^IXIC

    11,185.59
    +180.72 (+1.64%)
     
  • ^FTAS

    3,152.13
    -3.12 (-0.10%)
     

UK's Barratt reports higher forward sales as housebuying recovers

·1-min read
FILE PHOTO: Barrett branding is seen on a building at a Barratt housing development near Haywards Heath
FILE PHOTO: Barrett branding is seen on a building at a Barratt housing development near Haywards Heath

(Reuters) - Britain's biggest housebuilder Barratt <BDEV.L> reported a near 17% jump in forward sales for the past three months on Wednesday and said it had delivered almost a quarter more homes than in the same period a year ago as Britain's housing market bounced back from the initial round of coronavirus lockdowns.

The company said total forward sales as of Oct. 11 rose 16.7% to 15,135 homes and at a value of 3.65 billion pounds, compared with 3 billion pounds it reported last year.

Britain's housing market has seen a surge in activity in the recent months due to pent-up demand, people seeking bigger homes and a cut in property sales taxes, although uncertainty surrounding Brexit has begun weighing on the market.

Barratt said that based on the current market conditions, it continued to expect wholly-owned home completions to be between 14,500 and 15,000 units in 2021, assuming no further national lockdowns created disruption at its construction sites.

To contain a growing number of COVID-19 cases, British Prime Minister Boris Johnson set out new measures on Monday, outlining three new alert levels to better coordinate the government's under-fire response.

The FTSE-100 company, which scrapped its special dividend payout in September, delivered a 24% rise in home completions to 4,032 units in the period from July 1 to Oct. 11.

Shares in Barratt, which have gained 13% so far this month, were down nearly 1% in early trade.

(Reporting by Samantha Machado in Bengaluru; editing by Uttaresh.V)