Barratt profits plunge 75% as number of houses built slumps

Cost of living crisis, higher mortgage rates and weak consumer confidence weigh on housing market in past year

Barratt Developments has suffered a 75% drop in annual profit and a double-digit decline in home completions after a challenging" year for Britain's biggest housebuilder.

The company said the past year had proved tough for the housebuilding industry and potential buyers, as cost of living pressures, much higher mortgage rates and weak consumer confidence weighed on the housing market.