AGM Statement

Barratt Developments PLC
15 November 2001

                  Statement made by Mr Frank Eaton
                Chairman of Barratt Developments PLC
                    at the Annual General Meeting
                 held on Thursday 15th November 2001
                                  
                                  
I would like to take the opportunity today to comment on our results
for the financial year ended 30th June last and also to update you on 
current trading conditions since 1st July and our prospects for the current
financial year.

We again achieved excellent results, producing record pre-tax
profit, up 24% to £178.4m and an increase in earnings per share, up
27%. Particularly pleasing was our increase in volume, up 6% against
an industry decline of 8%, again demonstrating our ability to
increase market share in tightening market conditions, as we did in
1995 and 1998. This is our ninth successive year of uninterrupted
growth, during which time we have increased earnings per share by an
average of over 20% a year.

Our ability to produce a consistent performance enables us to
benefit from the current market conditions and secure our land
stocks on better terms. In the period we acquired 14,710 plots, 30%
more than we used, increasing total land stocks to over 35,000
plots. We also continued to secure more land on deferred terms,
increasing land creditors by £67m. This tight control on investment,
coupled with our exceptional sales performance, produced one of the
highest returns on capital in our industry at over 30%.

Overall an excellent performance, increasing our volume, margins,
profits and earnings per share. This extends to nine years our
unrivalled track record of improving all our key financial
statistics - the only major housebuilder to do so.

The quality and geographical spread of our development locations,
together with our wide range of house styles serving all sectors of
the market, helped to deliver a further increase in sales
reservations, up 7% year on year. This in turn enabled us to start
our new financial year with record forward sales, up 20% to £480m.

As we move forward through our new financial year, I am pleased to
report that we continue to produce an excellent sales performance
and outperform the market. Over the last 18 weeks sales reservations
have further increased and are up 9% year on year, producing advance
sales of over £600m.

Of more significance is our performance since 11th September. We
have continued to increase sales reservations by 9% without any
material increase in our selling costs. Our average selling price
has also continued to increase in line with expectations which,
coupled with stringent controls of overheads and construction costs,
gives us great confidence and we remain fully on course to achieve
further sound growth.
      
The UK economy has shown greater resilience than others to the
recent general economic slowdown. Overall unemployment remains at a
low level, inflation is low and interest and mortgage rates are also
very low and affordable. The new homes market is also underpinned by
a lack of supply due to industry consolidation and planning delays,
which is helping to sustain demand. We continue to produce good
sales in all of our regional markets and the South East continues to
be the strongest.

During the year the quality of the product and service we provide to
our buyers has again been recognised by numerous top industry
awards. In the National House Building Council's Pride In The Job
campaign our site management teams have won over 30 awards for
quality workmanship and we have again been shortlisted for the
Supreme National Award which we won last year. We also won other
awards for quality, service and product design and in the Green Leaf
Awards for the environment we won no fewer than seven awards.

I would like to take this opportunity to thank Mr Basil Bean who
retires from the Board at the close of today's meeting, having
reached the age of 70. He has been a non-executive Director since
1997 and has given sterling service. My Board colleagues join me in
thanking him for his invaluable contribution to the Group during a
period of enormous progress and we wish him the very best for the
future.

Looking ahead, notwithstanding the present economic uncertainty, we
continue to increase sales and market share. Our financial position
is very strong and our investment in securing adequate land stocks
has been well placed. We have a range of house styles that meets the
aspirations of today's homebuyers and we have proven marketing
skills to continue our sales success, with all our regions achieving
sales increases year on year.

I am confident that our management team has all the qualities and
experience needed to meet the challenge ahead and continue the sound
progress we have made in recent years.


Frank Eaton
Chairman
15th November 2001