July 12, 2017 / 6:19 AM / 2 months ago

UK's biggest builder Barratt ups output by just 76 homes

LONDON, July 12 (Reuters) - Britain’s largest builder Barratt posted a better-than-expected 12 percent rise in 2016/17 profit as selling prices rose but it only built 76 more homes than its previous financial year, despite government efforts to tackle a chronic shortage.

Britain needs to deliver up to double the roughly 200,000 new properties arriving on the market each year just to keep up with demand, which has pushed up prices and rent, stopping many younger people from getting onto the property ladder.

Barratt, which built 17,395 homes in the 12 months to the end of June and posted pretax profit of 765 million pounds ($982 million), has previously said it wanted to focus on quality, with rivals such Bovis being criticised for poor workmanship. ($1 = 0.7790 pounds) (Reporting by Costas Pitas, Editing by Paul Sandle)

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