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Barratt cuts new homes forecast in blow to Labour's election pledge
Evening Standard
|July 10, 2024
THE UK’s biggest housebuilder sent a warning signal to the new government today saying that the country’s property market slowdown could last into next year, making it harder for the sector to deliver the hundreds of thousands of new homes that Labour has pledged.
Barratt Developments cut the number of homes it expects to complete in 2025 compared with 2024, which its chief executive, David Thomas, called “another year of economic and political uncertainty”.
The surprise move made Barratt shares the biggest faller on the FTSE 100.
The £4.6 billion company made the announcement in the first full week of a Labour government, which came to power with an ambitious target to build 1.5 million homes within its five-year term. Barratt stood by guidance that it will finish just over 14,000 homes this year. But for 2025, it said the total will be between 13,000 and 13,500, pointing to “demand sensitivity to current mortgage pricing and availability”.
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