Barratt anticipates further writedowns by December

Source: Reuters

Date :18/11/2008 10:07:01

Housing builder Barratt Developments said continuing price pressures are having a negative impact on its operating margins, and that it expects further writedowns by December.

The building developer said on Tuesday its forward order book currently stands at 817.7 million pounds, 43 percent down from the same period last year.

Barratt said it would invest in land only where it is contractually committed and said the expected total land spend for the financial year would be lower than the 568 million pounds announced in September.

"Conditions in the housing market are now as tough as anyone can remember with increasing pressure on prices and margins," said Mark Clare, Barratt's chief executive, in a statement.

(Reporting by Farah Master; Editing by Rosalba O'Brien)

LONDON (Reuters)