 The average price of a new Barratt home rose to �166,000 |
Housebuilder Barratt Developments has enjoyed a sharp rise in yearly profits and revealed plans to spend �5bn (7.2bn euros) on urban regeneration schemes. Pre-tax profits rose 27% to �367.7m for the year to June as new house volumes rose for the 12th consecutive year.
The firm said interest rate rises had helped stabilise the housing market.
Barratt added that it planned to spend �5bn on urban renewal schemes in the next three years with �500m set aside for affordable housing.
At 1200 GMT, Barratt's shares were trading down 1.9% at 589.5p.
Record volumes
Barratt completed 14,021 new homes last year, 5% up on the previous year, while turnover increased 16% to �2.5bn.
The firm added that it hoped to increase this figure to 20,000 by 2010.
"We are well positioned to continue our strategy of steady organic growth," said chairman Charles Toner.
"Interest rate rises have helped moderate the market ensuring that it becomes more stable and sufficient for us to achieve our goals."
The average sale price of a Barratt home increased 9% to �166,000 last year.
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