A HOUSEBUILDER founded in the North-East says enduring market positivity will be a catalyst for fresh growth.

Barratt Developments has hailed sustained buyer demand, helped by attractive mortgages, which has pushed deals higher.

Latest figures, released today (Wednesday, November 15), show the builder’s total forward sales were 8.4 per cent better off than a year ago at £2.87bn in the period from July 1 to November 12.

Wholly-owned forward sales were 7.1 per cent better off at £2.64bn, with the update coming just weeks after bosses revealed annual sales had hit a nine-year high.

The business was established when tycoon Sir Lawrie Barratt built his own home in Newcastle in the 1950s, and has developments across the region, including estates in Spennymoor and Consett, County Durham.

Referring to its trading update, David Thomas, chief executive, said the firm has continued to benefit from strong buyer interest and unceasing competition among mortgage lenders.

He said: “We have started the financial year strongly with a good sales rate, driven by customer demand for new homes, and supported by an attractive lending environment.

“We are working hard to increase the supply of houses across the UK and expect to deliver modest growth in wholly-owned completions.

“We are confident of delivering a good performance in the 2018 financial year.”

Mr Thomas added the operator has approved deals to buy 37 areas of land worth £505.5m that equate to nearly 9,500 plots – more than three times what it had tied down a year ago.

The business includes the Barratt Homes and David Wilson Homes brands, the latter of which is building the Five Acres development, in Barnard Castle, County Durham; The Drive at Mount Oswald, on the outskirts of Durham City; and The Grove, based at Wynyard Park, near Billingham.