Housebuilder Berkeley expects to hit profit targets

What has changed?

Housebuilder Berkeley Group expects to hit profit targets this year, it believes the house market in London and the South East has “stabilised”.

In the seven months since the Brexit vote, new home sales had fallen by 16 per cent.

However, in the last two months reservations have increased.

The firm said the market had been affected by a number of factors, such as the changes to stamp duty, the challenges securing planning permission and the demand for affordable housing.

New housing starts have fallen by 30 per cent in London because of this.

However, the company said: “Berkeley is uniquely placed to maintain its high levels of production in London and the South East and we are onsite in production on 58 sites.”