Two of Britain’s largest housebuilders have posted booming profits as the sector continues to be buoyed by strong demand from first-time buyers and the Government’s Help to Buy Scheme.
Barratt Developments made £408m in the six months to December, up by a fifth on the same period in 2017, while smaller rival Redrow posted a 5% rise to £185m for the half-year.
David Thomas, chief executive of Barratt, said: “We are already the largest housebuilder in the UK by some distance but we still have ambitions to grow.”
Redrow’s £185m profit was on the back of a 9% rise in revenue to £970m. It completed 2,970 homes in the six months to the end of December, a rise of 12%.
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