HAMPSHIRE housebuilder Barratt has recorded an 11-year unbroken run of growth following a 31 per cent rise in annual profits to nearly £289m.

Low interest rates, high employment levels and a housing shortage sparked by planning constraints had underpinned the increase in the year to June 30.

Group chief executive David Pretty said: "Across Hampshire and Dorset we have a range of developments which are well located in areas of good demand and where there is a shortage of good quality housing, including Southampton, Eastleigh, and Lymington."

Barratt, which has a main office at Chandler's Ford, is involved in a total of 15 regional developments, with prices ranging from £138,950 to £392,000.

The company operates across the UK and sells to all market sectors, at prices ranging from £70,000 to £1.5m.

The market continued to perform satisfactorily and in line with the group's expectations, it added.

Barratt has progressively strengthened its land bank, which has helped it offset delays in securing planning permission for new developments.

It completed 13,304 homes in the UK, which was nine per cent ahead of last year, helping the group raise turnover to a new record level of almost £2.2 billion.

Operating profits in the group's core UK housing business rose 30 per cent to £290.5m and operating margins were up to 14.3 per cent.

The group's average selling price for private sales rose to £158,600, up 13.6 per cent on last year, which was partly due to increased completions south of the Midlands.

Operating profits were £298.7m against £227.9m last time and the final dividend to shareholders was 12.32p, up from 9.89p previously.