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Britain’s biggest housebuilder warns it will take two years for property market to recover

Construction is slowing as high borrowing costs dampen demand

Britain’s biggest housebuilder has said that it will take at least two years for the housing market to recover.

David Thomas, chief executive of Barratt Developments, said the number of new builds constructed in Britain would fall for at least the next two years as high borrowing costs hammer sales.

Barratt warned it would build 3,000 fewer homes next year in response to falling demand and said it has stopped buying new land to build on.

Mr Thomas said: “The number of homes being built next is going to be down considerably. There won’t be an increased volume of homes until 2025 earliest, if not 2026.”

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