Housing market gets an end of year boost

House prices began to rise and sales increased during the final two quarters of 2009, according to leading property experts Barratt. The last 6 months of 2009 saw selling prices across the UK rise by 4% to an average of £167,000, another promising figure is that the total number of forward sales almost doubled to £651.2 million.

This rise in sales meant Barratt could reduce their debt from £1.3 billion to £610 million in December. They have also predicted that this year will see yet more increases and further reduction in their debts.

Mark Clare, Barratt chief executive said: "Over the last six months we have successfully refinanced the business, reduced debt and invested in land which will deliver higher returns. With margins growing and a 43% increase in total forward sales, the market has improved but is still subject to the major uncertainties of both mortgage finance and the general economic outlook."

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January 18^th 2010

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