Barratt sales rise

Housebuilder Barratt says sales in the autumn were better than expected which had allowed it to pay down some of its debt.

However, it said it could still see little prospect of a recovery in the housing sector in the short term.

Sales in the six months to December 31 were 2% down from the same period a year ago, but during autumn sales were ahead of the previous year, Barratt said.

Net debt fell by about £230m over the six months to about £1.42bn on 31 December, the firm said.

Total average selling prices decreased by 9.6% to £160,900.

"Whilst it was encouraging to see a pick-up in our sales during the autumn selling season, market conditions remain challenging, impacted by a combination of poor buyer confidence and restricted access to mortgage finance," Barratt said.