The UK’s biggest housebuilder has said it expects completions in the financial year to June 2024 fall by nearly 25% given a big drop in reservations in the past month as interest rates have surged.

In an end-of-year trading update, Barratt said it had completed 17,206 homes this year, marginally above the 17,000 forecast, but said it expects this to decrease to between 13,250 and 14,250 next year, a slump of as much as 23%.

…