Barratt grapples with £192m remediation costs but upgrades profits outlook

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Housebuilder Barratt has raised pre-tax profit expectations despite having to set aside £192m to address problems with fire safety and walls in older buildings.

Legacy property costs set out in a fresh update from the firm relate to fire safety and external wall systems including work needed on reinforced concrete frames on two London developments. The sum includes nearly £62m for the Government's Building Safety Fund.

More widely, the UK's largest housing developer saw completions fall 18.6% in the year to the end of June, down to 14,004. It now expects fewer still this year, with an estimated 13,000 to 13,500 coming over the next 12 months. Bosses continued to describe a challenging year with mortgage availability and pricing weighing on the market.

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