UK housebuilder Barratt Developments may build fewer homes after Brexit

Britain’s biggest housebuilder Barratt Developments said it might slow the pace of construction and rethink its land buying programme to prepare itself for an expected slowdown sparked by the vote to leave the EU.

Britain’s property sector has been one of the worst hit since the June 23 referendum, with Barratt and other housebuilders seeing their market values plunge while investors pulled out cash from commercial funds, forcing many to be suspended.

Shares in Barratt, which were down over 2.5% yesterday, have lost almost 29% of their value since the vote. Estate agency Foxtons has said Brexit is likely to result in a drop in its full-year earnings.