City Of London
UK Homebuilder Warns of Slowdown in Demand as Rising Rates Bite
- Weekly reservations have dropped in key selling period
- Rival homebuilder Barratt also warned of lower sales last week
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Pent-up demand for British homes triggered by the coronavirus pandemic is beginning to fade, according to one of the UK’s biggest homebuilders.
Bellway Plc said the average weekly number of homes reserved at its sales sites in the nine weeks since Aug. 1 fell to 191 per week compared with 218 per week in the same period last year, marking a decline in the UK’s key autumn selling season. Last week, Barratt Developments Plc warned of tougher times ahead as the cost-of-living crisis and soaring mortgage rates combine to undermine the UK property market.