Bricklayers at work on a Barratt development site (Jonathan Buckmaster/Daily Express/PA)
(Picture: PA Wire)Barratt Developments has reported annual profit of over £1 billion for the first time in results published on the day average house prices reached fresh records in London and the UK.
The landmark profits came at a time when the industry is bracing for the impact of sustained increases in interest rates and the higher mortgage costs that come with them, as the Bank of England seeks to tame runaway inflation. But there is little sign of a slowdown, even with the cost-of-living crisis biting and official forecasts pointing to inflation of over 13% before the end of the year.
