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Housebuilder Barratt Developments reported an uptick in first-half profit as rising home prices offset the impact of a fall in completions.
For the six months ended 31 December, pre-tax profit rose 0.6% to £34.5 million while revenue fell 9.9% to £2.25 billion.
Total home completions fell 11.1% to 8,067, reflecting the 'unusually high completions in HY21 due to COVID lockdown dislocation and a return to the more normal seasonal phasing of completions across our fiscal year,' the company said.
Private average selling prices rose 5% to £327,400.
The company said it was now on track to deliver total home completions of 18,000 to 18,250 in FY22, an increase of 250 homes on previous guidance and in excess of the total home completions delivered in FY19.
Net private reservations per active outlet per average week for January were 0.90, 16.9% above the 0.77 rate in the equivalent period in 2021.
Forward sales as at 30 January 2022 stood at 15,736 homes, up from 14,289 homes at a value of £4,109.7 million, up from £3,425.8 million with 11,362 homes of these total forward sales either exchanged or contracted.