House builder Barratt Developments made record pre-tax profits in the year to June as its average sale price grew 10% to £289,800.

The developer, which has housing projects across Kent, boosted revenues by 13% to £4.2 billion as it managed its highest number of completions in eight years, increasing 5% tgo 17,319.

The company, which acquired Sevenoaks-based Ward Homes in 2007, is building homes in Ashford, Ebbsfleet, Hythe, Allington and Harrietsham near Maidstone, also under its David Wilson Homes brand.

It said there was “good consumer demand across our regions”, with some slowdown in the higher value London market.

It grew pre-tax profits by 21% to £682.3 million, while its operating margin was up 15.8%.

Chief executive David Thomas said: “Barratt starts the new financial year in a good position with a strong balance sheet, good forward sales and an experienced management team.

“Whilst we continue to monitor market conditions closely, current trading trends are positive, and I remain confident in the fundamentals of the housing sector and of our business.”

Chairman John Allan said the outcome of the EU referendum had increased economic and political uncertainty and that the board would continue to monitro the market.

He added: “The wider market for new homes remains healthy across Britain, with a long-term undersupply of new homes, strong government support to the sector and a liquid mortgage market.”