Barratt Developments Reports Significant Profit Decline Amid Market Challenges

High mortgage rates and inflation impact UK's largest housebuilder; future completions expected to drop further.

Barratt's profits fell 57% to £385 million, with revenues down 21.7% to £4.2 billion.
Home completions dropped 18.6% to 14,004, but met the upper end of expectations.
Rising build costs and fixed site expenses squeezed profit margins.
The Competition and Markets Authority is reviewing Barratt's £2.5 billion acquisition of Redrow.
Barratt anticipates further declines in completions for the upcoming year, with a potential rebound in 2026.