Half-year results give big boost to Berkeley

Dec 4 2010 Huddersfield Daily Examiner

HOUSEBUILDING company Berkeley has painted a more positive picture of the housing market – as it lifted profit hopes for the full year.

The group, which focuses on London and the south-east, reported a 20% rise in reservations, driven by a surge in the number of sites on offer, stable prices and strong demand in the capital.

The Surrey-based firm said house prices and transactions should remain stable in the coming year.

Berkeley lifted revenues by 16% to £336.2m in the six months to October 31, while pre-tax profits rose by 18.5% to £61.1m.

The upbeat performance follows figures from Nationwide which revealed a recent run of house price falls had wiped out most of the gains in property values during the past year.