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UK housebuilder Barratt builds fewer homes as London completions drop
January 12, 2017 / 7:15 AM / in 10 months

UK housebuilder Barratt builds fewer homes as London completions drop

LONDON, Jan 12 (Reuters) - Britain’s biggest housebuilder by volume Barratt posted a year-on-year drop in the number of homes it built in the six months to the end of December, as it completed fewer properties in London.

Barratt, which posted a 7 percent increase in first-half pre-tax profit to 315 million pounds ($385 million), built 7,180 homes, down 6 percent on the same period in the previous year with a fall in completions in the capital.

“This expected reduction in the first half was primarily driven by the planned build programme between the first and second half impacting wholly owned site product availability,” the firm said.

Barratt said in November it was cutting the price of some of its most expensive London homes by up to 10 percent as the market cooled following property tax increases and the Brexit vote. ($1 = 0.8172 pounds) (Reporting by Costas Pitas; editing by Sarah Young)

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