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Barratt Homes slashes up to 10% off some new London properties

Barratt Homes, the UK’s largest housebuilder, is slashing the asking prices of some of its most expensive London homes by 10 per cent.

In its latest trading report, the builder says that its own general order book has not suffered after the EU referendum, but that central London’s high value market has behaved differently. 

"We do recognise that at price points about £600,000, particularly at price points once you move above £1m the market [in London] is clearly slower" the Barratt chief executive David Thomas has told Reuters news agency.

With reference to his firm’s price reductions on selected properties, he said: "You are seeing commentary about prices backing off year-on-year on a five to 10 per cent basis so I think that it's in that sort of order." 

Thomas believes stamp duty is the chief reason behind the central London slump in transactions and prices.

Barratt reported a four per cent rise in sales volumes in the first third of the financial year.

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