Barratt brings in hiring freeze as UK housing market slows down

Housebuilder also cuts land purchases, with it forced to scrap proposals for 3,293 plots

Britain’s largest housebuilder, Barratt Developments, has introduced a hiring freeze and is “significantly” cutting back on buying land as it steels itself for a further slump in the UK housing market.

Barratt said it was responding to a “marked slowdown” in the UK housing market, after a rise in interest rates that has made mortgages more expensive for prospective homebuyers.