UK's largest housebuilder, Barratt Redrow, is set to significantly scale back its land acquisition plans in response to the escalating conflict in Iran and its expected ripple effects on the mortgage market. As a result, the company will approve between 7,000 and 9,000 plots of land for purchase in the current financial year, a drastic reduction from its initial guidance of 10,000 to 12,000 plots. This move is likely to put further pressure on Labour's ambitious housebuilding target, which aims to deliver 300,000 new homes annually. As the housing market grapples with rising mortgage rates and costs, Barratt Redrow's decision may have far-reaching implications for the UK's ability to meet its housing needs.
Barratt Redrow blames effects of Iran war, and likely impact on mortgage rates and costs, for further reductionBusiness live – latest updatesBritain’s largest housebuilder is planning to dramatically cut back on buying new land, blaming the impact of the conflict in the Middle East and putting Labour’s ambitious housebuilding target under more pressure.Barratt Redrow said it intends to approve between 7,000 and 9,000 plots of land for purchase in its current financial year, far lower than previous guidance of between 10,000 and 12,000. Continue reading...
