Barratt gets back to 'business as usual' after Brexit vote

Barratt has said it is moving back to “business as usual” after the Brexit vote, after striking a cautious note and cooling on development in the immediate aftermath.

Like Redrow yesterday, Barratt said reservations since the referendum were actually up on the same period last year, and said “current trading trends are positive”.

Barratt chief executive David Thomas (pictured) said: “Our sales trends since the start of the new financial year have been encouraging, and underpin an increasingly ‘business-as-usual’ stance whilst we continue to monitor consumer, economic and other lead indicators closely following the EU referendum vote.

“The wider market for new homes remains healthy across Britain, with a long term undersupply of new homes, strong government support to the sector and a liquid mortgage market.”

In results for the year to June this year, Barratt posted a 21% jump in pre-tax profit to £682.3m, up from £565.5m the previous year, while revenue increased 13% to £4.26bn, up from £3.76bn. Completions rose 5% to 17,319.

The firm also said it would up its use of timber frame construction to 1,300 homes this financial year.

In a trading update just days after the EU referendum Barratt had said it was cooling on its development plans, in what one analyst described as the housebuilder “raising a red flag”.