Barratt on target for housing completions and margins

Barratt Developments has said it continued to meet targets on completions and margins in the second half of its financial year.

In a trading update released this morning, the housebuilder also reported a fall in completions for the whole year fell to 13,202, from 18,588 a year earlier.

Visitor levels in the second half of the year were up 11.9% on the first half, although down 4.3% on a year earlier. The cancellation rate for the second half fell to 19.9%, compared with 37.4% a year earlier.

Clare: "We have seen higher sales rates, lower cancellations and prices levelling"

Falling UK house prices continued to affect the group during the year, with its prices down 14% averaged between the social and private sectors. The private sector average fell 19% from £205,400 to £166,000.

Group chief executive Mark Clare said: “We have seen higher sales rates, lower cancellations and prices levelling.”