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.