Barratt Redrow (LSE:BTRW) on Wednesday said its FY27 guidance remains unchanged after a 17-week trading period in which completions fell 12.1% year-on-year, even as its forward order book edged higher.
The London-listed housebuilder, one of the UK's largest by volume, reported total home completions of 3,223 in the period from 29 June to 25 October, down from 3,665 a year earlier, including joint ventures.
The underlying private reservation rate per week slipped to 0.53 from 0.57, though a 0.06 contribution from private rental sector and other multi-unit sales lifted the total private reservation rate to 0.59, slightly ahead of the prior year's 0.57.
The forward order book, including joint ventures, stood at £3,315.4m across 11,086 homes at 25 October, up from £3,281.4m and 10,669 homes a year earlier, though the group was 56% forward sold against FY27 private completions guidance, down from 60% at the same point last year.
"Our trading performance in the first 17 weeks of the financial year has been resilient against a backdrop of challenging market conditions, with continued pressure on affordability," said chief executive Dean Banks, who added that "stronger demand from the private rental sector" had offset a softer underlying reservation rate.
Barratt Redrow confirmed its current-year guidance is unchanged, having trimmed FY27 completions guidance to 17,500-17,900 homes from an earlier 17,700-18,200 at its annual results in September, citing planning delays.
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Banks, who took over as chief executive in September following David Thomas's departure, said he welcomed the government's "Your First Home" scheme supporting first-time buyers, but added that "it is too early to assess its impact on first-time buyer activity in FY27."
The company said it remains focused on cost efficiencies, disciplined land investment and tight control of work in progress.
Barratt Redrow's next scheduled update will be its interim results for the period to 31 December, due on 17 February 2027.