Barratt says housing market remains tough

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House prices fell much faster than expected last month, according to a monthly survey from mortgage lender Nationwide, stoking concerns that Britain could be headed for a double-dip recession.

Barratt said it would therefore continue to focus on prices rather than volume and would not reinstate dividends, unlike rivals Bovis and Persimmon.

For the year to end-June it reported operating profit of £90.1 million, up from £34.2 million a year ago.

Barratt had said in July it would report operating profit of at least 85 million pounds for the year thanks to a strong second-half performance.