Barratt results indicate housing recovery

Barratt results indicate housing recovery

Friday, January 27, 2006

After a difficult year, confidence in the UK housing market had picked up in the last three months of 2005, according to the results of Barratt Developments announced this week.

Barratt have reported they found 2005 a challenging year with the market adjusting from its earlier overheated levels to more normal levels of activity. However, Barratt's results indicate that in the past 3 months there have been positive signs that buyer confidence has improved with encouraging recent sales rates for the developer.

With the key Spring selling season still ahead, Barratt said it is clearly too early to be sure of market trends for the rest of the financial year. They did say, however, that if recent housing market improvements are sustained they are currently on target to increase their output.

After 25 years with the Group, the last 14 of which as Group Finance Director, Colin Dearlove has decided to retire at the end of this financial year. Mark Pain, formerly Group Finance Director at Abbey National plc, has been appointed to succeed him and will join the Group as an Executive Director on 1 March 2006 to ensure an orderly handover.

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