High land prices have affected the number of properties completed in London, forcing the UK's leading home builder to reduce the number of houses it plans to build to June 2017. Though the government has made efforts to support the building industry, Reuters built 6% fewer homes this financial year. This figure includes a drop of more than 50% in London. The firm has also sold some of its luxury London homes at a 10% discount following a rise in stamp duty and the Brexit vote, both of which have slowed demand for property in the capital.
High land prices have affected the number of properties completed in London, forcing the UK's leading home builder to reduce the number of houses it plans to build to June 2017. Though the government has made efforts to support the building industry, Barratt Homes built 6% fewer homes this financial year. This figure includes a drop of more than 50% in London. The firm has also sold some of its luxury London homes at a 10% discount following a rise in stamp duty and the Brexit vote, both of which have slowed demand for property in the capital.