PROLONGED competition among mortgage lenders has helped push a housebuilder’s sales towards a nine-year high.

Barratt Developments says it expects annual sales to reach around 17,350, which would represent its largest number since the financial crisis.

The business, founded by North-East tycoon Sir Lawrie Barratt, also revealed full-year pre-tax profits could come in as high as £733m, with total forward sales standing at a record £3.2bn.

The update was revealed today (Wednesday, May 10) in a trading report covering the period between January 1 and May 7, wherein David Thomas, chief executive, said the company was on a strong footing.

He also confirmed its overall sales rate had ticked up to 0.80 from 0.78 in 2016, with net cash expected to come in ahead of expectations at £600m when Barratt’s financial year closes on June 30.

A key facet in the growth, said Mr Thomas, has been the Government’s Help to Buy scheme and mortgage lenders’ willingness to offer attractive deals to buyers keen on climbing the property ladder.

He said: “This has been another strong period, both operationally and financially.

“Market conditions remain good, with the group delivering a strong performance since the start of the calendar year.

“Increased competition within the mortgage market has resulted in wide availability of attractive finance which, alongside Help to Buy, continues to support very strong consumer demand.

“Also, our controlled approach to growth means we are on track to deliver 17,350 sales in the year, the highest number in nine years.

“This, combined with the strong market backdrop, means we now expect fullyear pre-tax profit to be at the top of the range of analyst estimates.”

Barratt includes the Barratt Homes and David Wilson Homes brands, and has developments across the North- East, including estates in Spennymoor and Consett, in County Durham.

However, its North-East division recently revealed £160m plans to support 1,000 jobs in a 300-home scheme to maintain its momentum.

The developer has bought land on Norton Road, in Stockton, which it says it will turn into the Jubilee Gardens site on land that was once the original wagon works on the Stockton to Darlington railway line.

Those plans came after bosses unveiled a raft of schemes to strengthen its local roots, which include Five Acres, in Barnard Castle, County Durham.