UK’s largest housebuilder to buy less land in blow to Labour’s homes target

Barratt Redrow’s decision to cut back on buying land puts Labour’s manifesto pledge to build 1.5m new homes over five years under more pressure. Photograph: Peter Nicholls/Reuters

Britain’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 housing target under more pressure.

Barratt Redrow said it intended 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.