By Jonathan Davies

The housebuilder Barratt Developments has reported a doubling of annual profits as a result of "sustained strength" in the UK housing market.

Pre-tax profits were £390.6m, up 103% from last year's £192m.

It comes after continued growth in the housing market which Barratt said was returning to "more normal seasonal trends" after "exceptionally high levels of activity" over the past year.

The average price of a house built by Barratt is now £241,000, up 12.9% in a year, the developer said.

Barratt chief executive, Mark Clare, said the improved performance comes as a result of a £3.8bn investment in land since 2009 and the huge growth in the market.

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