Barratt Developments’ boss Mark Clare today toasted London as the “powerhouse” of his housebuilding group, saying buyers from around the world snapping up homes at full price had provided the strongest spring selling period for five years.
Private sales in London are up 40% on the same time a year ago, and Barratt said demand was particularly high in east London. Clare said this was “not just a short-term Olympic effect, but a result of major regeneration and transport improvement”.
“Our big developments such as Bromley-by-Bow and Canada Water, are our fastest selling. There is no need to discount as we did back in 2008. We’ve accelerated development on some of our other east London sites to make the most of it.” The firm now expects to sell another 600 homes this year, taking its total to 12,600. Spring tends to be the strongest time of year for the industry. Barratts, like most of Britain’s housebuilders, is boosting profit margins by shifting away from flats to houses, and developing cheap land bought during the recession.
