UK's largest homebuilder Barratt Developments reports 57% profit drop and 22% turnover decrease due to high mortgage rates and inflation, leading to fewer home completions.
Barratt Developments, the UK's largest homebuilder, reported a 57% drop in profits to £385 million for the year ending June 30, alongside a 22% decrease in turnover to £4.17 billion. The decline is attributed to high mortgage rates and inflation, resulting in fewer home completions—14,004 compared to 17,206 the previous year. Barratt expects further reductions in home builds this year but anticipates recovery in the following financial year, supported by government planning reforms.
September 04, 2024
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