Barratt has announced plans to grow the business in the urban regeneration arena and has committed £5 billion to the strategy over the next three years, underlining its confidence in the continuing health of the housing market. The announcement comes on the back of the firm's recently announced twelfth consecutive record results, which saw pre-tax profits rise by 27% to £367 million, up 5% on the previous year. The average selling price of the 14,021 homes Barratt sold last year now stands at £166,000. "We have again completed more new homes in total, and more on regenerated brownfield sites, than any other housebuilder," said group chief executive David Pretty. "Recent interest rate rises have restored a welcome stability to the market, making it more sustainable going forward. "In the year ahead we expect prices to rise much less rapidly, which will be welcome news for homebuyers. We are continuing to see healthy demand on our sites right across the country."