Barratt Developments is reducing its exposure to the London housing market as a result of higher land prices.
Completions in London halved to 367 in the six months ended 31 December, while completions outside the capital were the highest in nine years, at 6,817. Overall, the number of completions fell to 7,180 from 7,626, although the company expects the full-year figure to be flat.
Revenue fell 3%, but pretax profit was almost 9% higher.
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