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Barratt may slow new home starts

Barratt, the UK’s biggest housebuilder, said on 13 July it may slow its pace of construction as a result of the referendum result.

“Following the EU referendum, we are mindful of the greater uncertainty now facing the UK economy,” a company statement said.

“Consequently, the immediate outlook for our industry is less clear and it is too early to draw any conclusions regarding market conditions from the short trading period since the referendum.

“We had contingency plans in place and we have taken appropriate measures to reduce our risk, such as reassessing land approvals, as we continue to monitor the market.”

Barratt chief executive David Thomas told Reuters: “We would look at future land commitments, our current commitments, we would also look at our build programmes and the extent to which we should slow down our build programmes.”

Since the Brexit vote, Barratt’s share price has fallen more than 25% as economists warn of a slowdown that could end up hitting the housing market.

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