Barratt brings in hiring freeze as UK housing market slows down

Housebuilder also cuts land purchases, with it forced to scrap proposals for 3,293 plots

• Business live updates: Marked slowdown' in UK housing market

Britain's largest housebuilder, Barratt Developments, has introduced a hiring freeze and is significantly" cutting back on buying land as it steels itself for a further slump in the UK housing market.

Barratt said it was responding to a marked slowdown" in the UK housing market after a rise in interest rates that had made mortgages more expensive for prospective homebuyers.