In the period from 1st July to 8th November, visitor levels per active site averaged 1.88 per week (2008: 1.88), with net private reservations averaging 204 per week (2008: 197).

The net private reservation rate for the period equates to 0.55 homes per active site per week (2008: 0.41). These reservation rates include cancellations of 13.4% for the period (2008: 23.7%).

Barratt said it continues to adopt a cautious approach to recording reservations as a result of the limited availability of mortgage finance.

The forward order book at 8th November 2009 stood at £846.6m (2008: £817.7m) of which £506m was contracted (2008: £481.5m). 5,228 plots (2008: 5,513) were included within the forward order book of which 38% were social plots (2008: 45%).

The group said it currently anticipates that net debt at end-December 2009 will be around £700m (2008: £1,422.8m).

Barratt said whilst there has been an improvement in market conditions, further recovery will be dependent on increases in mortgage lending particularly in the higher loan to value segment. With these constraints remaining in place, it continues to expect total completions for FY10 to be approximately 12,000, with around 16% of the total comprising social units. Consistent with the re-planning and build programme, a shift in product mix towards a higher proportion of houses is expected. It continues to anticipate that this change in mix will improve average selling prices by around 8%-10% for the financial year.

Mark Clare, CEO, commented: "With the successful refinancing of the business now completed, we have substantially reduced debt levels and are in a strong position to buy land as opportunities emerge and to open new sites. Our net private reservation rates per site are running 34% ahead of last year. While trading conditions in the housing market have improved, activity levels will remain constrained until the availability of mortgage finance increases particularly at higher loan to value levels."

Story provided by Business Financial Newswire