Barratt David Wilson Homes Southampton division, which are building developments in West Sussex including Nursery Fields in North Bersted and Slyvan Meadows in Arundel, reported steady completions and resilient reservation activity, as the integration of parent company Barratt Developments and Redrow continues at pace.
Across the Group as a whole, reservation activity remained resilient during the period. The net private reservation rate, excluding bulk sales such as those to the private rental sector, rose slightly to 0.62 per outlet per week, compared to 0.61 over the same period last year. Including PRS and other multi-unit sales, the figure dipped modestly to 0.63 due to lower bulk activity in the quarter.
Completions remained steady, with 3,717 homes delivered during the quarter (including 81 via joint ventures), taking the year-to-date total to 10,563 homes. The Group remains on track to meet its full-year completion target of between 16,800 and 17,200 homes, including around 600 through joint ventures.
At the end of the period, Barratt Redrow’s forward order book stood at 10,245 homes, representing a sales value of £3.14 billion. With 93% of anticipated completions for the financial year already secured, the Group remains confident in its outlook.
The company also remains in a strong financial position, ending the quarter with approximately £508 million in net cash, and maintaining access to its undrawn £700 million credit facility. A £50 million share buyback programme commenced in February, with £17 million worth of shares already repurchased.
Despite a backdrop of ongoing macroeconomic uncertainty, Barratt Redrow remains optimistic. Supportive government messaging around housing delivery and planning reform is encouraging, and the company believes it is well placed to respond with scale, expertise, and a strong land pipeline.
Matt Paine, Managing Director at Barratt David Wilson Homes Southampton Division, said: “Our customer focus and unique offering across the Barratt, David Wilson and Redrow brands have continued to drive homebuyer demand and performance this quarter, leaving us well placed to deliver housing volumes in line with our full year guidance.
The operational integration of Barratt and Redrow is nearing completion, and we’re making real headway on both cost and revenue synergies. Supported by our strengthened land position and positive signals from the government on planning reform, we’re ready to capitalise on new opportunities for sustainable growth.”