Barratt shares down despite sales rise

<p>Barratt stocks are down this morning.</p>

The share price of housebuilder Barratt has fallen this morning (January 14th) on the back of the latest financial results released by the company.

It announced that sales were up as a result of the government's Help to Buy programme, but there was not a strong enough rise to lift the firm's share price.

Barratt revealed that it completed 6,195 new homes in the six months to the end of 2013, which the company stated was up 19 per cent on a year earlier.

In a statement, chief executive Mark Clare said: "We have been able to increase materially the number of new homes being built and our profitability."

Barratt added that the firm is now "well placed" for the coming 12 months, with housing set to be one of the key battlegrounds on which the 2015 general election is fought.

Labour leader Ed Miliband has pledged to build tens of thousands of new homes around the country if he is elected.

Barratt shares were almost two per cent down by 08:26 this morning following the sales news.

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