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Key events
In the last six months of 2022, Barratt’s net land approvals were negative, with a net 290 housing units canceled in response to the market slowdown.
It approved 16 new sites, but that was on top of the 22 previously approved sites that will no longer continue.
Barat explains-
The approved positions increased by 3,003 positions, while 3,293 positions were eliminated due to no longer being able to find work, he explained, resulting in a net cancellation of 290 positions during the half year.
Introduction: Barrett warns of ‘perceived slowdown’ in housing market
Good morning, and welcome to our rolling coverage of business, financial markets and the global economy.
The UK housing market has seen a “significant slowdown” over the past six months, according to a housebuilder. Bharat this morning.
The UK’s biggest housebuilder said demand for the city in the first half of 2023 would be “impacted on sales” by rising mortgage rates and the cost of living.
In the half-yearly transaction update to December 31, Bharat He warns that the outlook for the second half of the financial year is “uncertain”. Homebuyer confidence and the availability and competitive price of mortgages “will be critical to the health of the UK housing market in the coming months,” he says.
#Bdev Bharat Developments says the first half of the financial year has seen a significant slowdown in the UK housing market and the outlook for H2 is uncertain.
– Dude (@Redpanda73) January 11, 2023
If the demand is as normal in the spring, Bharat It will be on track to complete 17,475 homes, according to market expectations. However, if trade continues at recent levels, home completions will be lower – from 16,000 to 16,500.
The pre-order book fell to 10,511 homes worth £2.5bn, £1bn more than 14,818 homes (worth £3.8bn) a year earlier.
Bharat He said he has already responded to the slowdown by significantly reducing land permits, cutting new hires and putting more controls on new site openings to control the expansion of working capital.
David ThomasCEO says Bharat Despite the challenges, it delivered a “strong operational performance” over the past six months.
Thomas says:
The first half of the financial year, however, saw a significant slowdown in the UK housing market.
Political and economic uncertainty impacted the first quarter; This was compounded by rapid and significant changes in mortgage rates that reduced affordability, homebuyer confidence and booking activity in the second quarter.
That ‘political and economic uncertainty’ includes the turmoil surrounding the austerity budget in September, which pushed up lending rates and hit demand.
Bharat’s net booking rate fell to 0.30 in the period from October 10 to the end of December, down from 0.69 in the same period a year ago.
Both Halifax and National have reported falling home prices in recent months as rising borrowing costs weighed on the market. Many forecasters predict that prices will drop this year.
Bharat Development – “The outlook for the second half of 2023 remains uncertain with homebuyer confidence and mortgage availability and competitive pricing critical to the health of the UK housing market in the coming months.” pic.twitter.com/mU9zN4ms6I
— Chris Bailey (@Financial_Orbit) January 11, 2023
the agenda
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9:30 am GMT: The World Economic Forum publishes its 2023 Global Risks Report.
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Noon GMT: US weekly mortgage application data
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3:30 GMT: US crude oil inventory data
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