Barratt Developments was one of the top risers in the FTSE 100 surge this morning in post-lockdown demand.
The group has increased forecasts for the number of homes they expect to sell this year as people are rushing to complete sales before the stamp duty holiday ends.
Following the initial lockdown, sales have risen 24% and have cooled ever since, but have continued to rise by 9.2% per year.
“Based on current market conditions and site construction activities, the complete ownership completion is expected to be between 15,250 and 15,750 homes,” said Barat, who predicted completion of 14,500 to 15,000 in October. “The development of Barratt said.
“We achieved excellent first half performance,” the company said. “In the first half, sales rates increased due to pent-up demand from the first nationwide lockdown, the introduction of stamp duty leave and the end of purchasing support for existing homeowners in March 2021. Sales rates have risen.”
The housing market has seen a boom since Rishi Sunak introduced stamp work leave in the summer.
“Given the ongoing mini-boom, prices could have been expected to rise again this month,” said Tim Bannister, property data director for Right Maube.
“But instead there is a slight DIP, which could be the result of new sellers who are priced more realistically.
Barratt Development’s shares rose more than 4% at 717.20 (1015GMT).
