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News - 11 September 2013

Housing market recovery spreading.

The UK's biggest house builder, Barratt Developments, says it is seeing recovery in the market beyond London and southeast England, with demand back at pre-financial crisis levels.

The group reported pre-tax profits for the year to the end of June of £104.8m, up from £100m the previous year. When exceptional items - related to refinancing and a major write-down - of £87.5m were excluded, profits for the year to the end of June rose 74% to £192.3m.

Its average selling price rose to £194,800 up 7.9% from the previous year's figure of £180,500 and they now expect to deliver an estimated 45,000 new properties over the next three years, with forward sales up 44.4% to £880.4m at September 8.


Industry and official surveys have highlighted a revival in the housing market in recent months - a recovery largely credited to improvements in the economy and Government initiatives to help struggling buyers - Help-To-Buy and the Funding for Lending Scheme.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Industry and official surveys have highlighted a revival in the housing market in recent months - a recovery largely credited to improvements in the economy and Government initiatives to help struggling buyers - Help-To-Buy and the Funding for Lending Scheme.”

Critics of the measures have raised fears they risk creating a house price bubble - something the governor of the Bank of England Mark Carney has said he will watch for and prevent should such evidence materialise.

If you need any help and advice for your business on the implications of central and local Government Funding initiatives and the construction industry, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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