Housebuilder: Housing market recovery 'spreading'

The group reported pre-tax profits for the year to the end of June of £104.8m, up from £100m the previous year, the BBC reports. "We are seeing the housing market recovery starting to spread beyond London and the South East," chief executive Mark Clare said. Its average selling price rose to £194,800 from £180,500 the previous year. Barratt expects to complete about 45,000 new homes over the next three years. It also reported it had cut its debt to £25.9m from £167.7m at the end of June 2012.