Barratt Developments PLC has issued a trading update for the period from 1 July 2023 to 8 October 2023. The company's net private reservations per average week were 169, compared to 188 in the equivalent trading period last year. The slower reservation rate is attributed to mortgage challenges faced by potential homebuyers and the absence of Help to Buy reservation activity. The company has focused on driving revenue through multi-unit sales to the private rental and affordable housing sectors and the use of sales incentives for private customers. Total forward sales as of 8 October 2023 amounted to 9,221 homes, down from 13,314 homes in the same period last year. The completion profile for FY24 is expected to follow the typical seasonal pattern, with around 45% of full-year completions anticipated in the first half of the financial year and 55% in the second half. The company expects to deliver between 13,250 and 14,250 home completions in FY24. The outlook for the year remains uncertain, with the availability and pricing of mortgages critical to the long-term health of the UK housing market. The company will continue to focus on driving revenue through targeted use of incentives, managing build activity, controlling costs, and maintaining a highly selective approach to land buying.