Good sales so far in 2011, says developer

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HOME builder Barratt Developments sees a strong future in Yorkshire as its latest half year results are revealed.

The company says that sales are already good in the region this year and that new developments are planned.

Nationally, revenues for the half year ending December 2010 show revenues up on 2009 at £877.6m. The average selling price of properties increased by 5.7 per cent and there were 4,832 completions.

Losses before tax were £4.6m, down on the £178.4m of 2009. The company’s net debt reduced to £537m and is predicted to be £400m by the end of June.

Chief financial officer David Thomas told the YEP: “I think we would say we are happy with the progress. We regret that Autumn, which is a key selling season for us, was a difficult season.

“If you look at our current trade in January and February this year we got off to a good start.”

Mr Thomas said that a difficulty is that banks are still setting lending limits which means many would-be buyers are having difficulty finding funds. He said that Barratt is trying to help through shared equity deals providing “top-up” funds.

Barratt’s Yorkshire branches have already seen 140 houses reserved since January and there are plans for 17 new developments containing 1,100 units.

“Yorkshire historically has always been a strong market for us,” said Mr Thomas.

“We are very comfortable with how we are doing in the Leeds area.”

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