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Friday 16th of July 2010
July 15, 2010    

Mortgage constraints & economic uncertainty bedevil new housing market

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by Gill Montia
”Mortgage

Barratt Developments completed 11,377 homes in the year to the end of June, down from 13,277 in the previous 12 month period.

Private completions fell to 9,455, compared with 11,133 in 2008/09; social housing completions stood at 1,870 as against 2,069 and joint ventures were down from 75 to 52.

However, the developer’s cancellation rate settled out at 18% in the year to end June, compared with 24% during the previous 12 months, and forward sales for the group increased 27%, to £591.7 million.

Looking to the future, Barratt says: “The new housing market in the UK is likely to remain challenging as a result of continued constraints on the availability of mortgage finance and overall economic concerns.”

In April, Barratt became the first major UK housebuilder to receive the maximum five-star rating for customer satisfaction awarded by the Home Builders’ Federation, based on customer surveys post completion.

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