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Barratt says its pre-tax profit for the year will be at the 鈥渢op end鈥� of its previous expectations thanks to strong market demand and increased completions.

The United Kingdom鈥檚 largest housebuilder, in a trading update for the year ending 30 June, said its profit before tax is now expected to be around 拢812m. Analysts had previously given a range of 拢761m to 拢812m.

Its adjusted profit before tax, before an adjustment of 拢107m, will be above the top range of expectations.

Barratt said its pre-tax profit increase was driven by a 鈥漴ebuild鈥� in completion volumes following the disruption caused by the covid-19 pandemic.

The company completed 17,243 homes in the year to 30 June 2021, improving on last year鈥檚 figure by 36.8%. The figure is still 3.4% below the 17,856 homes completed in 2019, before the covid-19 pandemic.

Barratt said it expects to return to 2019 volumes in 2022.

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Its average house price sold was 拢289,000, a 3.1% increase on the 拢280,300 recorded in 2020.

Its total forward sales at 3 June stood at 拢3.47bn, up from the 拢3.25bn in 2020 and an increase of a third on the 拢2.6bn reported in 2019.

David Thomas, chief executive of Barratt, said: 鈥淲hile these are still uncertain times, we enter the new financial year in a strong position and remain focussed on our medium term targets, including delivering 20,000 homes a year.鈥�

However, Barratt also revealed that its cost of carrying out fire safety remediation on existing multi-storey building will jump by 拢30m to 拢81m for the year.

It said: 鈥淲hile the charges in respect of cladding and external wall systems reflect our current best estimate of the extent and future costs of work required, as assessments and work progresses or if government legislation and regulation further evolves, estimates may have to be updated.鈥�

The company said all of it buildings. including the cladding and external wall systems used, were signed off by approved inspectors as compliant with the relevant 好色先生TV Regulations at the time of construction.

Barratt鈥� s full results for the year will be published on 2 September.