Demand for new-build homes cooling fast, says Barratt
Demand for new-build housing is cooling fast as economic turmoil and higher borrowing costs weigh on the property market, according to the UK’s largest housebuilder, which has lowered its profit estimates in response.
Barratt Developments said on Wednesday that buyers were reserving an average of 188 homes per week, compared with 281 in the past financial year.
The pace of demand is markedly slower than in each of the last three years, added the company, reflecting “increased wider economic uncertainty, where growing cost of living concerns have been compounded by increased mortgage interest rates and reduced mortgage availability”.
This story originally appeared on: Financial Times - Author:George Hammond
