Barratt warns of ‘uncertain’ year as buyers struggle with mortgages

UK housebuilder's sales also dented by absence of government's help-to-buy scheme

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Britain's biggest housebuilder has warned of a tough market, with would-be buyers still struggling to secure an affordable mortgage.

With people taking longer to reserve a new home, Barratt Developments' forward sales fell to 9,221 in the three months to 8 October from 13,314 a year earlier. Forward sales are agreements between a builder and a buyer to complete the sale at a specified date. At 2.4bn, they are worth 800m less than last year.