From Dailymail · · 1m 10s
Britain's biggest builder says planning reforms fall short
Barratt Redrow cuts targets as tax hikes and regulation squeeze the housing sector.
In brief
Barratt Redrow cuts targets as tax hikes and regulation squeeze the housing sector. Planning reform alone won't solve Britain's housing crisis without addressing tax burdens and affordability for first-time buyers. Originally reported by Dailymail.
Builder cuts home targets
Barratt Redrow, Britain's largest housebuilder, lowered its annual forecast to 17,500-17,900 homes from 17,700-18,200, citing tax and regulatory pressures.
Planning reforms not enough
Barratt said Labour's 1.5 million home target 'will not be enough' without addressing tax burdens and barriers to home ownership.
“will not be enough”
Continuing delays plague sector
Despite Labour's promises to tackle planning delays, Barratt flagged ongoing delays as a constraint on housebuilding.
Mortgage rates squeeze demand
Higher mortgage rates and affordability pressures are dampening consumer confidence, with building costs expected to rise 4 percent annually.
Builders call for stamp duty cut
Barratt and rivals Berkeley and Bellway have urged Labour to abolish stamp duty for first-time buyers to unlock housing delivery.
Share buyback despite headwinds
Barratt's shares rose 7.5 percent after confirming a 386 million pound buyback programme, despite an 18 percent annual decline.
The headline
Planning reform alone won't solve Britain's housing crisis without addressing tax burdens and affordability for first-time buyers.
