CONTINUING competition between mortgage lenders is providing fertile ground for a housebuilder to maintain its growth, bosses have said.

Barratt Developments says sales have increased as buyers take advantage of attractive finance deals to get on the property ladder.

The company, founded by North-East tycoon Sir Lawrie Barratt, revealed total forward sales for the 19 weeks to May 8 were 9.7 per cent higher than a year ago at £2.84bn.

The firm also revealed it expects to approve up to 23,000 plots of land in its current financial year to capitalise on demand.

David Thomas, chief executive, said the business, which includes the Barratt Homes and David Wilson Homes divisions, was well placed to continue its growth.

He said: “Market conditions remain strong and increased competition in the mortgage market has resulted in good availability of attractive finance, which continues to support consumer demand.

“We have approved more than £4.8bn in land for new housing in the last five years and continue to be committed to helping increase the number of new homes built across Britain.”

Last year, The Northern Echo reported how Barratt’s North-East division had pledged to deliver nearly 2,000 homes in 2016, with officials targeting plots in Wynyard and Yarm, near Stockton, and Barnard Castle, in County Durham.

Barratt Homes has properties in Spennymoor and Consett, County Durham, and Northallerton, North Yorkshire, while its David Wilson division has homes in Middlesbrough and Houghton-le-Spring.