Barratt Developments plans to reduce new home completions by 7% in 2025 due to high mortgage costs.
UK's largest housebuilder, Barratt Developments, plans to reduce new home completions by 7% next year, predicting a drop from 17,206 in 2023 to 13,000-13,500 in 2025, due to high mortgage costs. The company's total home completions for the year ending June 30 were 14,004, down from 2023's 17,206, but at the upper end of its guidance range. Despite the drop, final adjusted pre-tax profits for the 2024 full year are expected to be "slightly higher" than previously forecast. Barratt Developments anticipates inflation of building costs to "abate" over the coming year and remain largely unchanged.
July 10, 2024
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