Realty Barratt expects 7% drop in homebuilding targets

11 Jul 2024 CW Team

Britain's Barratt Developments anticipates a potential decrease of up to 7% in its homebuilding targets for fiscal 2025 due to higher mortgage rates and broader economic uncertainties hindering a housing market recovery. The company's shares were down 1.8% at 482.50 pence in early trading. The housing sector is banking on significant changes in homebuilding policies under the new Labour government, particularly those aimed at addressing planning issues, as delayed interest rate cuts have tempered hopes for a rapid rebound. Barratt, a major player in the UK's homebuilding sector in terms of production and revenue, stated it expects to construct between 13,000 and 13,500 homes by June 2025, including 600 units from joint ventures. The company achieved the upper end of its projected range by building 14,004 homes in the year ending June 30. Britain's new finance minister, Rachel Reeves, has pledged to tackle the chronic shortage of new homes by reinstating mandatory house building targets for local authorities, increasing the number of planning officers, and expediting large green energy projects. Barratt noted a likely reduction in the average number of sales outlets in the current year but expressed confidence in growth heading into the 2026 fiscal year. Forward sales, a crucial industry metric reflecting near-term housing demand, stood at 7,239 homes (including joint ventures) as of June 30, down from 8,995 units a year earlier. Additionally, Barratt forecasted profit slightly above expectations for the 2024 fiscal year. Analysts estimate adjusted pre-tax profit for the year ending June 30 to be around 357 million pounds ($456.82 million), marking a decrease of approximately 60% from the prior year's 884.3 million pounds, according to LSEG data. In February, Barratt agreed to acquire smaller competitor Redrow in an all-stock transaction valued at about 2.52 billion pounds.

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