Barratt sells more homes in the UK than any other builder

In its results for the year to 30 June, the firm's pre-tax profit rose to �407m compared to �368m a year earlier, beating market expectations.

Barrett's turnover was down slightly compared to 12 months previously, dropping to �2.513bn from �2.516bn.

The company builds more homes than any other company in the UK.

'Challenging marketplace'

"The immediate economic outlook may be uncertain but a healthy forward order book ... together with completions to date, puts us in a good position," said Barratt chief executive David Pretty.

"It's too early to assess the market for the rest of the year but we are working on the basis that it will remain challenging."

During the year Barratt completed the sale of 14,351 homes, a 2% annual increase.

The average cost of a new Barratt home rose 4% to �172,200.