FTSE 100 Live: UK inflation stays at 6.7%, Just Eat upgrades profits guidance

A “uncertain” outlook in the housing market is set to persist, building giant Barratt Developments warned as it reported a fall in reservation numbers and in the value of its forward order book.

David Thomas, chief executive of Barratt which is Britain’s largest housebuilder, said: “The trading environment remains difficult, with potential homebuyers still facing mortgage challenges.”

Between July 1 and October 8 the FTSE 100 company saw net private reservations (excluding joint venture sites) per average week of 169. That was down from 188.

Forward sales, including through joint ventures, stood at £2.36 billion (9221 homes) at the period end, compared with £3.6 billion (13,314 homes) a year earlier.

Much of the industry has seen demand dented this year as would-be buyers are squeezed by much higher mortgage costs and interest rates, and after the withdrawal of the Help to Buy scheme made affordability even harder for many first time purchasers.