Building giant Barratt Developments on Wednesday defied industry gloom to reveal its highest annual home sales figure since the financial crisis.
The FTSE 100 firm said it sold 17,856 homes in the year to June, up 1.6% from a year earlier, and its biggest annual number of transactions in 11 years.
Barratt benefited from low interest rates keeping mortgages at affordable levels, and the government’s Help to Buy scheme encouraging first-time buyers to get on the property ladder.
Total revenue slipped 2.3% to £4.8 billion, which was down to it selling fewer high-value flats in central London. It has been focusing its efforts in the capital on less-expensive locations in zones three to five.
Pre-tax profits increased 8.9% to £909.8 million.
Chief executive David Thomas said despite political and economic uncertainty, which has seen some rivals warn of weaker consumer demand, his firm has started the financial year with a strong forward order book.
It incurred £13.9 million of costs for work removing and replacing cladding on buildings. Housebuilders have reviewed properties following the 2017 Grenfell Tower fire.
