Housebuilder Barratt Homes advises “marked slowdown in housing market”
January 16th, 2023
Barratt Homes has stated that political uncertainty and a decline in economic growth has caused a decline in new build property sales.
This FTSE 100 firm reported a slump in sales amid rising mortgage costs and the threat of a fall in prices – a further sign that the pandemic property boom has come to a shuddering halt. The bleak update came as analysts predicted profits for the major housing groups would decline sharply in 2023 following two years cashing in on red-hot demand.
Barratt Homes started building new build homes in 1958 and is now the UK’s largest home builder.
David Thomas, CEO said: “The first half of the financial year has however seen a marked slowdown in the UK housing market.” He added: “Political and economic uncertainty impacted the first quarter; this was then compounded by rapid and significant changes in mortgage rates which reduced affordability, homebuyer confidence and reservation activity through the second quarter.”
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