Barratt set for 'modest' growth in full year completions

House builder Barratt said it was well positioned for the second half after reporting first half forward plot sales up 3.8% at 10,921 plots at a value of £2.38bn, but added that it expected to see "modest" growth in full year completions.

“Given good demand and our healthy forward order book we continue to expect to deliver modest growth in wholly-owned completions in full year 2018,” Barratt said.

Net cash as at 31 December 2017 was c.£165m (2016: £196.7m).

Operational land purchases increased to £641.2m from £328.2m) equating to 51 sites (2016: 39 sites) and 13,263 plots (5,262 plots). Barratt said it expected to approve more than 20,000 in 2018.

"We continue to target an owned and controlled land bank of around 4.5 years at our year end in line with our operating framework," the company said.

"The land market remains favourable and we have secured attractive land opportunities which exceed our minimum hurdle rates. The business performance continues to benefit from good mortgage availability and a supportive government policy environment."