Strong demand buoys housebuilder Berkeley

HOUSEBUILDING firm Berkeley delivered a 30% rise in half-year profits as it continues to benefit from the resilience of the London property market.

HOUSEBUILDING firm Berkeley delivered a 30% rise in half-year profits as it continues to benefit from the resilience of the London property market.

With overseas investors viewing the capital as a safe haven from the financial meltdown in parts of Europe, Berkeley said demand for prime residential property remained strong.

Its level of forward sales increased by 15% to £937.2m – keeping it on track to double earnings between April, 2010, and 2013.

The group said new site launches, improved margins and better cost controls helped lift operating profits to £76.4m in the six months to October 31.

Bottom-line profits rose by 64% to £101.1m after Berkeley benefited from the sale of its 51% stake in a student accommodation scheme in September.

 
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