Disastrous mini-Budget takes toll on Gleeson sales

By Dave Rogers2022-11-18T11:35:00

Housebuilder says cancellation rates have doubled since botched announcement

Gleeson has said the impact of September’s disastrous mini-Budget has meant that cancellation rates in the past six weeks have doubled to more than 40%.

In a trading update, the housebuilder blamed “market volatility” for the hike, with outgoing Gleeson chairman Dermot Gleeson adding: “The sharp increase in interest rates following the mini-Budget impacted buyer confidence and caused a significant slowdown in demand.”

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