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☆ UK homebuilder Barratt to buy rival Redrow in 2.52 billion pound deal
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: +1 min

Britain's biggest homebuilder Barratt will buy Redrow in an all-stock deal valuing its smaller rival at about 2.52 billion pounds ($3.18 billion), they said on Wednesday, aiming to capitalise on the fledgling recovery in the market. This is the second consolidation in the sector in as many years after affordable-housing-focused builder Vistry bought rival Countryside for about 1.25 billion pounds in 2022. The newest combination, to be renamed "Barratt Redrow," aims to deliver more than 22,000 homes each year in the medium term, which is between 57% and 63% more than the 13,500 to 14,000 deliveries Barratt expects to deliver by itself in fiscal 2024. British housebuilders have struggled for the past couple of years as high interest rates dented demand and build costs rose. They have been cautious about the future as well, despite signs of stabilization -- including a rise in home prices last month -- spurred by cheaper mortgage loans.

Persons: homebuilder Barratt, Vistry, Barratt, Redrow's, British housebuilders Organizations: Countryside Locations: British

☆ UK's Barratt flags tough housing market conditions after annual profit fall
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

A company logo is seen on a banner outside a Barratt Homes housing development in Warrington, Britain, August 23, 2023. REUTERS/Phil Noble/File Photo Acquire Licensing RightsSept 6 (Reuters) - Britain's largest homebuilder Barratt Developments (BDEV.L) flagged difficult trading conditions over the coming months after it posted a fall in annual profit on Wednesday, as high mortgage rates and a cost-of-living squeeze pummel demand. Affordability concerns stoked by high mortgage rates and a prolonged cost-of-living crisis have weighed on the UK housing market, with indicators on everything from mortgage demand to construction rates and prices sliding in recent months. Barratt said the UK housing market remained difficult and the outlook uncertain, adding that it expected average sales sites to reduce by around 6% in the current fiscal year. British house prices in August were 5.3% lower than a year earlier, their biggest annual decline since July 2009, mortgage lender Nationwide said on Friday.

Persons: Phil Noble, Barratt, David Thomas, Aby Jose Koilparambil, Suban Abdulla, Subhranshu Sahu, Christopher Cushing Organizations: Barratt Homes, REUTERS, FTSE, Nationwide, Credit Suisse, Thomson Locations: Warrington, Britain, Bengaluru, London

The pan-European STOXX 600 index (.STOXX) ended 0.6% higher, extending gains to the fifth straight day, its longest winning streak in nearly three months. Rate-sensitive technology stocks (.SX8P) were the top gainers on STOXX 600, jumping 1.7%, with IT provider Softcat (SCTS.L) advancing 5.3% after Citi raised it to "buy". Also supporting STOXX 600 were miners (.SXPP) rising 1.7%, as commodity prices won support from a weaker dollar. [MET/l]A faster-than-expected slowdown in U.S. inflation reinforced bets that the Fed could end its rate hikes soon after July. Shares of Swatch (UHR.S) rose 6.9% after the watchmaker reported record growth in the first half of the year.

Persons: Barratt, Pierre Veyret, Chris Zaccarelli, Matteo Allievi, Shreyashi Sanyal, Sherry Jacob, Phillips, Janane Venkatraman, William Maclean Organizations: Federal, Citi, ActivTrades, Independent, Alliance, Swatch, Thomson Locations: Tech, U.S, Gdansk, Amruta, Bangalore

☆ European shares edge higher, but mixed data limit gains
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - European shares edged higher on Thursday as U.S. inflation data fuelled hopes that the Federal Reserve was on the brink of ending its post-pandemic tightening cycle, although a raft of mixed economic data limited further upside. The pan-European STOXX 600 index (.STOXX) edged up 0.1% by 0708 GMT. Keeping a lid on risk sentiment was weak trade data from China, while on the other hand, Britain's economy contracted less than expected in May. Industrial stocks (.SXNP), which are sensitive to China-related news, were the biggest drags in the index. Reporting by Matteo Allievi in Gdansk and Amruta Khandekar in Bangalore; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Barratt, Matteo Allievi, Sherry Jacob, Phillips Organizations: Federal, Swatch, Thomson Locations: China, Gdansk, Amruta, Bangalore

LONDON, July 13 (Reuters) - Britain's largest homebuilder Barratt Developments (BDEV.L) warned it would build far fewer homes this fiscal year as rising mortgage rates and stubborn inflation hit demand, sending its shares down more than 5% in early trading on Thursday. The FTSE 100-listed firm said it expected to build between 13,250 to 14,250 units in the year ending June 30, 2024, down from 17,206 homes the year before. Average two-year fixed mortgage rates hit a 15-year high earlier this week. Julie Palmer, partner at Begbies Traynor, said Thursday's trading update underlined the impact of rising rates on homebuyers, construction firms and other businesses linked to the housing market. High-end housebuilder Berkeley (BKGH.L) last month forecast a 20% drop in house build sales for its current fiscal year.

Persons: Barratt, Julie Palmer, Begbies Traynor, Suban Abdulla, Aby Jose Koilparambil, Sherry Jacob, Phillips, Kate Holton, Elaine Hardcastle Organizations: Thomson Locations: London, Bengaluru

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