In a trading update for the period from 1 January 2023 to 23 April 2023, Barratt said it is now fully forward sold for the full year 23 with total forward sales (including joint ventures) at 23 April 2023 of £2,956.5m (24 April 2022: £4,505.5m).

As the firm responded to the changed market backdrop, build activity has continued to reduce in line with reservation activity over the period with 303 (2022: 359) equivalent homes (including JVs) built per average week. Construction output in the financial year to date has equated to 319 (2022: 345) equivalent homes per week.

Barratt said it will continue to proactively manage its construction activity to ensure it has efficient working capital across its sites and build phases.

The group is on track to deliver total home completions of between 16,500 and 17,000 homes including around 750 JV home completions.

Douglas McLeod, managing director of Barratt Developments Scotland, said: “In February we reported early signs of recovery in our reservation rates following the exceptionally challenging trading conditions experienced at the end of 2022. Whilst the economic backdrop remains difficult, we are pleased that more positive sales rates have been maintained through this period and we are now fully forward sold for FY23. As a result, we expect to deliver full year adjusted profit before tax in line with current market expectations.

“In Scotland, we remain committed to leading our industry in quality, customer service and sustainability. We are proud to be the only major housebuilder awarded 5 stars by our customers for the 14th successive year in the Home Builders Federation awards and we remain focused on delivering the high quality and sustainable homes the country needs, creating jobs and supporting the economy.”