Barratt sales up as homes in demand

Housebuilder Barratt Developments has only 11 unsold homes left in the whole of London as it struggles to keep pace with buyers eager to get on the property ladder in the capital.

The firm usually builds around 800 homes a year in London but interest in new schemes such as the Renaissance in Lewisham is such that the firm is running low on stock.

Chief executive Mark Clare said: "Throughout the period, we have been having to work very hard to build fast enough to meet demand."

Barratt saw a "significant pick-up" in trading since Christmas, although this was bolstered by deferred sales from a snow-hit December and the firm said scarce mortgages would keep the brakes on the wider market.

Pre-tax losses were slashed to £4.6 million from £178.4 million in the six months to December 31 as Barratt boosted margins by building more houses.