HOUSEBUILDER and regeneration specialist Berkeley posted better-than-expected results – after reporting an improving market.
The group posted pre-tax profits of £110.3m in the year to April 30 – down by 8.4% on a year earlier. The decline was smaller than most analysts had been forecasting.
Berkeley said its target market in London and the south-east was being buoyed by demand from cash-rich investors and overseas buyers taking advantage of the weak pound.
Customers snapping up properties for investment accounted for more than 50% of underlying sales reservations.
Sales prices were ahead of targets set last year while completions leapt by 47%.
