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Berkely Group expecting £0.5bn+ profits despite housing slowdown

The city of London

Property developer the Berkeley Group is predicting a half billion+ profit for the latest financial year despite recent falling house sales.

Berkely, which focuses on urban regeneration projects and high-end homes, has reported that the prospect of lower mortgage costs is sparking interest among potential buyers.

The company has told investors it expects to report a pre-tax profit of £550 million for the latest financial year. However, it also revealed that sales reservations are about a third down year-on-year.

Berkeley, which builds homes across London, Birmingham and the south of England, says it’s in a “strong” position having secured all sales for the year ending in April, and over 70% of sales for the next financial year. It also noted that build-cost inflation has stabilised across most trades.

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