StockMarketWire.com - Home builder Barratt Developments said its completions and sales improved by more than a fifth in the period from 1 July to 11 October 2020, from a year earlier, thanks to strong demand.

In the period, the company said the sales rate was 0.87 net private reservations per active outlet per average week, up 20.8% on last year's 0.72, while home completions rose 24% to 4,032.

Forward sales stood at 15,135 homes as of 11 October 2020, up from 12,963 homes reported on 13 October 2019, at a value of £3,647.6 million, up from £3,070.2m.

'Construction activity remains in line with FY21 planned output, with an average of 294 equivalent homes constructed per week in the period,' the company said.

Based on current market conditions, construction activity levels and assuming no further national lockdowns disrupting construction, the company said it continued to expect to grow wholly owned completions to between 14,500 and 15,000 homes in fiscal 2021 plus around 650 completions from its joint ventures.

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