Barratt Developments 2010/11 financial year-end results show profits up but completions down.
Barratt built a total of 11,171 new homes in the year to 30 June 2011, with social housing accounting for 2,634 of these.
The average selling price increased 7.4% to £198,900. Barratt also increased its operating margin to 6.6%.
Barratt Group chief executive Mark Clare said:
"Whilst we have seen some recovery following the difficult Autumn selling season, trading conditions in some areas outside London and the south east remain challenging.
In London, we continue to benefit from a strong market position, with our developments selling well. The first-time buyer scheme - Firstbuy is a timely boost and is already proving popular, but market recovery cannot be sustained without improved lending conditions. Our focus remains on improving margin rather than driving volumes."
