BARRATT Developments has issued a trading update in which the housebuilder revealed private reservations remain below the level seen in the last financial year as customers react to economic uncertainty.
Covering the period from 1 July 2022 to 9 October 2022, chief executive David Thomas said the business continues to see ‘strong levels’ of interest across the country.
He added, “Whilst the outlook for the year is less certain, we remain on track to deliver adjusted profit before tax for the year in line with current consensus, and we are focused on maintaining our commitment to lead the industry in the quality, energy-efficiency and sustainability of our homes and in our customer service, all of which are fundamental to our ongoing success amid a more challenging market backdrop.”
For the period in question, net private reservations per average week were 188 – compared with 281 for the same period last year.
Barratt said the private reservation rate reflects customer response to wider economic uncertainty, where growing cost of living concerns have been ‘compounded’ by increased mortgage interest rates and reduced mortgage availability.
