Barratt Redrow (BTRW) Trading update summary

Trading performance

• Underlying private reservation rate 0.53 per week vs 0.57 YoY; PRS and other multi-unit sales contributed 0.06, bringing the total rate to 0.59 vs 0.57.

• Private reservations averaged 243 per week, including JVs, vs 228; average active outlets were 406 including JVs vs 402, or 396 excluding JVs vs 392.

• Completions including JVs were 3,223, down 12.1% YoY from 3,665.

Forward orders

• Forward order book reached 11,086 homes worth £3,315.4m, up 3.9% by homes and 1.0% by value YoY.

• Private forward sales rose 7.2% to 5,841 homes; affordable forward sales were 4,674 homes, down 0.1% YoY.

• FY27 private completions were 56% forward sold vs 60% YoY; 62% of that position was completed or exchanged vs 64%.

Outlook

• FY27 guidance remains unchanged amid challenging market conditions and continued affordability pressure.

• The Your First Home scheme is welcomed for its potential to support housing delivery over time, but its FY27 impact on first-time buyer activity is too early to assess.

• Priorities remain cost efficiencies, disciplined land investment and tight work-in-progress control.