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Simon Taylor

First big builder to go public with price cuts

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http://uk.reuters.com/article/uk-barratt-results-idUKKBN13B0J7

Interestingly,  whilst the agents cite the usual culprits -  SDLT and the referendum -  Barratt suggest that increased supply would have something to do with it.

"We do recognise that at price points about 600,000 pounds, particularly at price points once you move above 1 million, the market is clearly slower," CEO David Thomas told Reuters.

"You are seeing commentary about prices backing off year-on-year on a 5 to 10 percent basis so I think that it's in that sort of order," he said, when asked about the degree to which the builder was cutting prices.

Estate agents Savills and Knight Frank have said the vote to leave the EU contributed to a fall in prices in London's most expensive areas, with prices expected to drop by 9 percent this year, according to Savills.

Thomas said however that he attributed the softening market to an increase in the supply of homes coming to market and a hike in stamp duty property tax, but not the EU vote.



 

 

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