Housebuilder Barratt has recorded an 11% rise in pre-tax profit for the first half after offsetting a challenging private sector market with a rise in affordable housing completions.

Barratt increased its pre-tax profit to £406.6m for the year ending

31 June, with turnover rising 6% to £2.47bn over the same period. There was a 1% dip in private completions, but these were more than offset by a 35% increase in social housing completions, which rose to 1760.

Despite the strong results, the housebuilder said the market conditions had been difficult throughout the year. It said the economic outlook in the short term remained uncertain, despite the recent 0.25% interest rate cut.

David Pretty, Barratt’s group chief executive, said: “Our wide geographic spread and product range, our urban regeneration and social housing expertise, all contributed to a good result for the year. The immediate economic outlook may be uncertain but a healthy forward order book of £900m, together with completions to date, puts us in a good position.”