Higher house prices boost Barratt

24th Feb 2011 11:14

Housebuilder Barratt Developments benefitted from higher selling prices in the second half of 2010 and said 2011 has started well though the market remains fragile.Pre-tax losses in the half year to 31 December narrowed to £4.6m from £178.4m over the same period the previous year, as revenues edged up to £877.6m from £872.4m.Average selling prices climbed to £175,800 from £166,300."We expect to see further operating margin growth in our second half as we continue to optimise prices, reduce costs and open new higher margin sites from recently acquired land," chief executive Mark Clare said."However, the market remains fragile and longer term recovery continues to depend on greater availability of mortgage finance."