"Barratt Redrow stated, 'Now, with a less certain backdrop, given recent geopolitical events and their likely impact on mortgage rates and build cost, we are being even more selective.'"
"The company expects to spend between 700 million and 900 million on land this year, down from previous guidance of between 800 million and 900 million."
"Oli Creasey noted, 'Barratt had already committed to buying less land this year compared to what had been sold in order to optimise the size of its landbank.'"
"Following Berkeley Group's decision to slow land purchases, there is increased concern that the housebuilding sector is digging deeper into a crisis."
Barratt Redrow intends to approve only 7,000 to 9,000 plots of land for purchase this financial year, down from 10,000 to 12,000. Geopolitical events have led to a more selective approach in land buying. The company expects to spend between 700 million and 900 million on land, a decrease from previous guidance. Berkeley Group has also halted land purchases, raising concerns about Labour's target of building 1.5 million new homes over five years, as current construction rates fall short of the required annual pace.
Read at www.theguardian.com
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