Home ResidentialNew build Berkeley Group profits drop by a quarter

Berkeley Group profits drop by a quarter

by LLP Reporter
7th Dec 18 10:05 am

London-focused housebuilder, Berkeley Group, has reported a 26 per cent drop in pre-tax profits amid a slowdown in the housing market due to Brexit fears.

The housebuilder said its profits for the six months to the end of October had fallen by over a quarter. Despite this drop, the firm has upped its guidance on profits for the full year.

“We’re doing well in a difficult market. Pricing is stable and our cancellation rates have been stable,” said chief executive Rob Perrins.

“The speed [of the planning process] in Birmingham is a really positive. It does really contrast to London”, added Perrins.

Its average selling price for homes in the first half was £740,000, up from £721,000 for the same period last year.

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