A HOUSEBUILDER is eyeing further growth after healthy demand gave bosses confidence to nearly double land investments.

Barratt Developments is spending £641.2m on more than 13,200 plots following a strong six-month period.

Bosses revealed their plan yesterday after unveiling half-year results, which showed total sales were up two per cent to 7,324 to December 31.

Revenue was 9.5 per cent better off at £1.98bn, with pre-tax profit up 6.8 per cent to a record £342.7m.

According to its land investment plan, Barratt, established when tycoon Sir Lawrie Barratt built his own home in Newcastle in the 1950s, has so far approved the purchase of 13,263 plots, which dwarfs the 5,262 signed off at the same time in the previous year.

However, David Thomas, chief executive, said he expects the number to go beyond the 20,000 figure in Barratt’s 2018 full financial year.

Pointing to continuing calls for its homes, aided by Government support schemes, such as Help to Buy, Mr Thomas said the company is on a strong footing as it enters its 60th year.

He added: “With good consumer demand, a healthy forward order book and a robust balance sheet, we have had a strong first half.

“There is high demand across the country, supported by attractive market fundamentals.

“The land market remains attractive and we continue to secure excellent opportunities.

“As a result, we expect to approve more than 20,000 plots for purchase in the 2018 financial year.”

The business has developments across the North-East, including estates in Spennymoor and Consett, County Durham.

It 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.