Barratt completions reach 14k in full year

Barratt completed 14,004 homes in the year to the end of June, at the upper end of its guidance range but down on the 17,206 the year before. The firm expects completions in its next financial year to fall again to 13,000 to 13,500.

In a trading update issued today, the firm reported that net private reservations per active outlet per week stood at 0.58, up on last year’s 0.55. Total forward sales (including JVs) at the end of June 2024 was 7,239 homes (30 June 2023: 8,995) at a value of £1,912.3 million (30 June 2023: £2,223.4 million), in line with expectations. Barratt says that “underlying private sales activity has remained sensitive to mortgage availability and affordability. As outlined in our interim results, we saw an improving reservation rate during the first half as mortgage rates began to ease lower from August 2023 and this trend continued through the second half of the year.”

The firm expects adjusted profit before tax to be slightly ahead of previous expectations.

Barratt chief executive David Thomas said: "During another year of economic and political uncertainty, we have delivered a strong operational performance, reflecting the exceptional work of our employees, subcontractors …