(Reuters) – Britain’s largest homebuilder Barratt Redrow on Wednesday said uncertainties from the UK’s upcoming November 26 budget have added to sales risks for fiscal 2026 in a market already weighed by weak buyer confidence.
With inflation still elevated, interest rates high, and consumer sentiment shaky, UK homebuilders have had to contend with a cooling market and renewed affordability concerns.
Fears of potential hikes to stamp duty in the budget are also adding to the pressure, raising the risk of a deeper slump in new home sales.
“While the housing market remains challenging and we anticipate limited growth in FY26, the long-term fundamentals of the sector remain compelling,” said CEO David Thomas in a statement.
The company, which is reporting annual results for the combined group for the first time since its merger with Redrow last year, reported revenue of 5.58 billion pounds ($7.61 billion for the year ended June 39 from 4.17 billion pounds a year earlier.
It reported adjusted pre-tax profit and charges of 591.6 million pounds for the period, ahead of market expectations of 515.7 million pounds according LSEG data.
($1 = 0.7334 pounds)
(Reporting by Raechel Thankam Job in Bengaluru; Editing by Janane Venkatraman)
