UK residential property developer Barratt Developments is on track to deliver its targets for the medium term as well as for FY2022, after registering a steady customer demand between 1 July and 10 October.
“The positive start to the new financial year has continued in recent weeks with private reservations remaining strong,” said Barratt’s chief executive David Thomas.
As reported by the company ahead of its annual general meeting, during the period net private reservations were 281 per average week, compared to 262 in FY2020. Net private reservations per active outlet per average week increased from 0.72 in FY2020 to 0.85 the following year.
“This is particularly encouraging given the significant year on year reduction in Help to Buy reservations and the ending of the stamp duty holiday,” added Thomas.
“We continue to work closely with our suppliers and sub-contractors and have not experienced any significant disruption to our build programme as a result of the challenging supply chain environment.”
In the last three months, the company launched 27 new developments and expects to deliver an average sales outlet growth of 3 per cent in 2022 through site acquisition and land bank optimisation.
“The Group is in a very good position,” said the company in a statement. “We have both a substantial net cash balance and strong forward sales, as well as an excellent land bank and a continued focus on delivering operational improvements across our business, alongside our ongoing commitment to deliver high quality, sustainable homes across the country.
“Whilst there continues to be some macroeconomic uncertainty, the board believes that our strong financial position provides us with the platform and flexibility to react to any changes in FY22 and beyond.”