Housebuilder Barratt Developments added to surging optimism around the housing market today as it reported booming profits and sales.
Britain's biggest housebuilder by volume hailed the impact of Government measures to stimulate the market, which have helped drive its forward sales almost 54% higher to £829.7 million.
Barratt sold 13,663 homes during the year to the end of June, up 6% on a year earlier, while underlying pre-tax profits beat City expectations by soaring 73% to £192 million.
The Leicestershire-based builder echoed strong trading by peers including Bovis, Persimmon and Taylor Wimpey, which have all reported swollen order books and rising margins in recent days.
It said improved mortgage availability and the Government's Help to Buy scheme - which allows people to buy a home with a 5% deposit - are tempting buyers back to the market.
Since the launch of Help to Buy in April, private reservations have surged almost 35%, said Barratt, with market conditions improving across all its regions.
Home loans have also become cheaper and more widely available with the help of the state's Funding for Lending Scheme, which incentivises banks and building societies to boost lending.
An 8% increase in average selling prices to £195,000 helped lift its operating margin to 9.7% from 8.2% a year earlier. Revenues rose 12% to £2.6 billion. On average, analysts had expected the group to report profits of about £182 million.
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