Rolling coverage of the latest economic and financial news
- Risk of UK recession at next general election is 60%, says thinktank
- Chinese economy slips into deflation as recovery falters and demand slows
British housebuilder Bellway said it would build fewer homes in the current fiscal year, as rising interest rates cool demand.
In its latest financial results, Bellway says the recent increase in mortgage rates through June and July 2023 has resulted in a weaker trading environment, adding:
In the current financial year, given the level of the order book and prevailing low reservation rates, legal completions are expected to decrease materially.
The backdrop of macroeconomic uncertainty and cost of living pressures affected consumer demand during the year and, given affordability remains constrained by higher mortgage interest rates, underlying trading conditions are likely to remain challenging in the near term.
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