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.
โWeโre doing well in a difficult market. Pricing is stable and our cancellation rates have been stable,โ said chief executive Rob Perrins.
โThe speed [of the planning process] in Birmingham is a really positive. It does really contrast to Londonโ, added Perrins.
Its average selling price for homes in the first half was ยฃ740,000, up from ยฃ721,000 for the same period last year.
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