Barratt Developments warns a ‘deterioration’ in demand for homes due to rate pain has hit hard July 13, 2023 Barratt Developments has warned a “deterioration” in demand for homes has hit housebuilding hard, as a tumultuous mortgage market continues to pile on misery, with the group’s share price down over four per cent when markers opened this morning. The residential building company said net private reservation rate – the number of people putting their [...]
Barratt Developments share price in focus following Bank of England rate rise July 10, 2023 The market will turn its focus to Barratt Developments’ trading update next Thursday to see how soaring mortgage rates and a tumultuous period for the property sector is impacting UK house building companies. The housebuilder’s shares have fallen by around a tenth over the past 12 months and more than half from their pre-pandemic levels, [...]
Shares in UK housebuilders slump as inflation woes increase prospect of rate hikes June 21, 2023 Shares in some of the UK’s biggest housebuilders closed down today after Berkeley Group warned that its sales could fall by up to 20 per cent as rising mortgage rates rock the housing market. Berkeley’s share price fell around 3 per cent this morning following its announcement, but recovered slightly closing down 1.56 per cent. [...]
FTSE 100 close: London’s markets close in the red after inflation shock sends shivers through market June 21, 2023 London’s indexes closed in the red on Wednesday after yet another higher than expected inflation reading earlier this morning. The FTSE 100 closed 0.1 per cent lower at 7,559.18 while the FTSE 250, which is more aligned with the health of the UK economy, sunk 0.9 per cent to 18,571.45. Official figures out this morning [...]
Ex-Tesco boss John Allan says he was ‘propelled under the nearest bus’ following misconduct allegations June 18, 2023 Ex-Tesco boss John Allan said there was “absolutely no substance” to the allegations of misconduct against him, arguing he had not been treated fairly. Since the misconduct allegations were made against him last month, Allan has left his role as chair of Tesco, where he served for eight years, and Barratt Developments, where he had [...]
FTSE 100 close: Markets close lower as housebuilders weigh on index June 7, 2023 Strong morning bumps for Primark-owner Associated British Foods and BT were offset by a slump for housebuilders today as the FTSE 100 closed marginally lower. A slump in trading for housebuilders kept movement on London’s flagship index subdued, with the index closing lower. Housebuilders were down after figures from Halifax showed a first annual fall [...]
John Allan: Tesco chair now also quits Barratt role fearing misconduct claims may become ‘disruptive’ May 23, 2023 Tesco chair John Allan will quit his role at the top of Barratt Developments, fearing sexual misconduct claims which he staunchly denies will become “disruptive. The London-listed housebuilder told investors this morning that Allan would step aside from the role he has chaired for nine years at the end of next month – three months [...]
Barratt ‘on track’ but forward sales slow amid house price concerns May 3, 2023 Barratt Developments has assured investors that it is “on track” for the year despite revealing a decline in forward sales, however the group’s share price tumbled 0.32 per cent when markets opened. In a trading update this morning the London-listed house builder noted that the economic outlook remained “difficult” as it posted total forward sales [...]
Barratt: ‘Uncertainty’ pushes housebuilder’s sales reservations down 44 per cent but pre-tax profit rockets to £521m February 8, 2023 Barratt Developments posted profit before tax of more than £520m as the company suggested that its outlook for the year was improving, despite sales at the beginning of 2023 lagging behind last year. The housebuilder’s revenue increased 24 per cent in the six months to December 31 from the same period last year while its [...]
Barratt: Rising mortgage costs could hit its profits as house prices slide January 11, 2023 Barratt Developments said the outlook for 2023 was ‘uncertain’ as rising mortgage costs force residential property sales down. The FTSE 100 listed house builder said demand for its homes in 2023 looks “uncertain” due to prospective home buyers shunning big ticket purchases amid a cost of living and mortgage affordability squeeze. Mortgage costs have been [...]