‘Help to Buy’ boosts Barratt

Housebuilder Barratt Developments yesterday said market conditions were the best it had seen for five years and that it expects to post a significant improvement in annual profits.

The company, the UK’s largest housebuilder by market value, said reservations on its sites rose by 18 per cent compared to the prior year after the UK government announced its “Help to Buy” scheme to help prospective homeowners in March.

The scheme provides guaranteed loans to home buyers in a bid to boost ownership and construction.

“Help to Buy has seen a strong start and we are investing in land and bringing it through planning to meet increasing consumer demand,” Barratt chief executive Mark Clare said in a trading update.

Shares edged down 0.6p to 319.9p.