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Barratt completions up 12.5% in second half of 2014

Barratt has become the latest housebuilder to unveil improved completion figures with a 12.5 per cent year-on-year rise in the second half of 2014.

The group completed 6,971 homes to the end of December 2014, compared with 6,195 in the same period the previous year.

In a statement to the stock market this morning, Barratt revealed an 8.4 per cent increase in average sale price, which rose from £211,000 to £229,000. Forward sales for the group are also up, from £1.4bn to £1.7bn.

Chief executive Mark Clare said: “We have delivered a strong performance in our first half, including a 12.5 per cent step up in completion levels. 

“We are on track for another significant improvement in our financial performance for the full year as we continue to operate in a disciplined way, building the highest quality homes in places people want to live.

“Our significant investment programme in new land continues to pay off and over the next six months we plan to open around 90 new sites, which will give us the highest average number of developments for six years. 

“Over their lifetime, these new sites will deliver another 13,500 much-needed new homes.”

The news comes after two other leading housebuilders also revealed increases in completions for 2014.

Persimmon increased legal completions by 17 per cent for the year, with 13,509 homes built in 2014.

However, group finance director Mike Killora was reluctant to commit to a timescale for when it would achieve its stated target of 15,000 new homes a year.

Earlier this week Taylor Wimpey hailed the start of a “more sustainable housing market” when it released figures showing a 6 per cent rise in completions.

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