Barratt: 12% rise in profits yet only 76 more homes sold!

“Britain’s largest builder Barratt posted a better-than-expected 12 percent rise in 2016/17 profit as selling prices rose but it only built 76 more homes than its previous financial year, despite government efforts to tackle a chronic shortage.

Britain needs to deliver up to double the roughly 200,000 new properties arriving on the market each year just to keep up with demand, which has pushed up prices and rent, stopping many younger people from getting onto the property ladder.

Barratt, which built 17,395 homes in the 12 months to the end of June and posted pretax profit of 765 million pounds ($982 million), has previously said it wanted to focus on quality, with rivals such Bovis being criticised for poor workmanship.”

http://uk.reuters.com/article/uk-britain-boe-broadbent-idUKKBN19X0IG

Er, “quality” – don’t they mean “eye-wateringly expensive”?

One thought on “Barratt: 12% rise in profits yet only 76 more homes sold!

  1. But funnily enough, despite 3/4 of £bn in profits they still continue to claim that their developments cannot support the number of “affordable” homes that were part of their planning permissions, and despite these profits Tory councils like EDDC continue to believe them and let them off the hook.

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