Commercial Property News

Our magazines are published bi-monthly with in-depth features and news for the commercial property industry. On this page we have the latest news to keep you constantly updated on the market. On the left hand side of the page you can search our archived news which is stored monthly.



Thursday, March 30, 2024

Barratt Homes 'iPad' targets first time buyers

First timebuyers are being targeted with new mini-apartments by Barratt Homes. The 'Barratt iPad' is just 380 sq ft - 25 per cent smaller than an average 500 sq ft one-bedroom flat, but larger than a studio apartment.

The one-bedroom version, which includes a small lounge, dining area, fully fitted kitchen, double bedroom, fully fitted bathroom and balcony, will sell for between £80,000 and £120,000. This is below the new £125,000 threshold at which buyers must pay stamp duty.

Barratt has spent 18 months developing the concept and has already pre-sold its first 30 iPad homes in Middlesbrough. A further 170 iPads are being built on six sites in areas including Sheffield and Hull, while another 1,600 are in the pipeline for locations throughout the UK.

David Pretty, chief executive of Barratt, said that the starter homes would provide a great 'crash pad' for first-time buyers as well as older single people or couples.

More than 20 years ago Barratt launched the Studio Solo brand - studio apartments of just 280 sq ft to 300 sq ft, but Mr Pretty insisted that the new iPads are bigger and better and suitable for couples as well as single occupiers.

Barratt hopes to increase production of the iPads in future to at least 1,000 a year, generating about £100 million in revenue at an average selling price of £100,000.

Barratt said it had already secured 90 per cent of its full-year homes target after agreeing £910 million of advance sales, its second-highest figure on record for this time of year. Mr Pretty said that improvements in market conditions seen last autumn had continued into the new year.

Overall, the company said that it was on track to deliver a fourteenth consecutive year of growth, after revenues edged up 2 per cent to £1.17 billion and underlying pre-tax profits rose by 4 per cent from £157.1 million to £163.9 million in the half-year to December 31.