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Britons buying new homes hits five-year high
The number of people buying new homes has hit a five year high as the economic recovery starts to build, says Barratt Homes.
The housebuilder Barratt Homes has attributed a surge in demand for new homes to the economic recovery, an increase in consumer confidence and the Government's Help to Buy scheme - which has given first time buyers a leg up onto the property ladder.
The company handed over the keys for 6,195 new homes during the six months ending 31 December, up 19pc on the same period in 2012, and the highest level in five years.
At yesterday's half year results Barratt posted a 162pc increase in pre-tax profits, while revenues rose by 33pc to £1,264.9m.
Mark Clare, the chief executive of Barratt Homes, also cited a boost in the number of people downsizing to managed developments with a concierge service.
"The Government has created a stimulus [Help to Buy] for us to respond to by building more homes," said Mark Clare, the chief executive of Barratt Developments, parent company of Barratt Homes. "We are therefore growing as fast as we can to meet the demand out there."
After investors went empty handed last year, the company has returned to a dividend of 3.2p per share, despite Mr Clare's previous plan to wait until 2016 before paying out.
The property development company informed the market that it had created 3,000 more jobs at its sites across Britain over the past year to increase the production of its homes. It has expanded its recruitment programme over the next three years for graduates and apprentices, up from 100 a year during the recession, to 1,100.
"Now is the time to invest," said Mr Clare, who expects to have acquired 20,000 plots of land by the end of the financial year in September.
However, he still called for the Government to release more land and accelerate the planning process to help solve the UK's housing crisis.
The total price of homes sold increased by 14pc for the period to £211,200, driven by the change in sales mix, with fewer flats outside of London, more family homes being built around the country.
Location, fast broadband and energy costs are the three top requirements from British householders, Mr Clare added.
He rejected the notion of a house price bubble but said: "There is a danger that house prices could go up too quickly. But currently, outside London, they are tracking wage inflation."
Barratt's positive results follow rivals Persimmon and Taylor Wimpey this week who attributed their profit increase to renewed confidence in the UK housing market and the availability of mortgage finance particularly for higher loan to values including government-backed schemes.
The stock was trading at 434.30p this morning, up 5.5pc.