Britain's largest homebuilder Barratt Developments on Thursday warned it would build far fewer homes this fiscal year as rising mortgage rates and stubborn inflation drive buyers away.
A company logo is seen on the side of a house at a Barratt Homes housing development near Preston, Britain, October 9, 2017. REUTERS/Phil Noble/File Photoon Thursday warned it would build far fewer homes this fiscal year as rising mortgage rates and stubborn inflation drive buyers away.
Britain's housing market recovered from last year's financial turmoil following former prime minister Liz Truss' "mini-budget" economic plan. But higher borrowing costs have put renewed pressure on homeowners and buyers. The group, which flagged significant macro-economic headwinds including persistent inflation and a higher interest rate environment, said reservations slowed beyond the normal seasonal trends from mid-May to the end of June.
Its forward sales position - a key metric gauging the housing demand - declined to 2.22 billion pounds as at June 30, compared with 3.62 billion pounds a year ago.
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