UK RESIDENTIAL property developer Barratt Developments is on track to deliver its targets for the medium term as well as for the next financial year, after registering a steady customer demand between 1 July and 10 October.

"The positive start to the new financial year has continued in recent weeks with private reservations remaining strong," said Barratt's chief executive David Thomas.

As reported by the company ahead of its annual general meeting, during the period net private reservations were 281 per average week, compared to 262 in the same period in 2020.

"This is particularly encouraging given the significant year on year reduction in Help to Buy reservations and the ending of the stamp duty holiday," added Thomas.

In the last three months, the company launched 27 new developments and expects to deliver an average sales outlet growth of three per cent in 2022 through site acquisition and land bank optimisation.

"We have both a substantial net cash balance and strong forward sales, as well as an excellent land bank," the company said.

Shares rose 6.29 per cent yesterday.

(c) 2021 City A.M., source Newspaper