UK’s largest housebuilder to buy less land in blow to Labour’s homes target

Barratt Redrow blames effects of Iran war and expected impact on mortgages and costs for further reduction

Government’s 1.5m housebuilding target is suffering subsidence

Britain’s largest housebuilder is planning to dramatically cut back on buying new land, blaming the impact of the conflict in the Middle East and putting Labour’s ambitious housing target under more pressure.

Barratt Redrow said it intended to approve between 7,000 and 9,000 plots of land for purchase in its current financial year, far lower than previous guidance of between 10,000 and 12,000.