Barratt Developments Plc, the U.K.’s second-largest homebuilder by market value, said first-half profit almost tripled as Britain’s improving economy fueled demand for homes. The shares climbed the most since March 2013.
More than 200 apartments at Battersea Power Station will be offered only to buyers in London as developers respond to criticism that too many new homes in the British capital are going to overseas investors.
The last time U.K. mortgage approvals were this high, lender Northern Rock Plc hadn’t yet collapsed, Gordon Brown was prime minister, and U.S. investment banks Bear Stearns Cos. and Lehman Brothers Holdings Inc. were still in business.
British homebuilders including Barratt Developments Plc, Taylor Wimpey Plc and Telford Homes Plc agreed to stop giving buyers living abroad the first chance to buy London homes sold before they’re built.