Britain’s biggest housebuilder has warned of a tough market, with would-be buyers still struggling to secure an affordable mortgage.
With people taking longer to reserve a new home, Barratt Developments’ forward sales fell to 9,221 in the three months to 8 October from 13,314 a year earlier. Forward sales are agreements between a builder and a buyer to complete the sale at a specified date. At £2.4bn, they are worth £800m less than last year.
