Berkeley profits dip as housebuilding hey-day slips away
Berkeley, one of the biggest housebuilders in the country, has been hit hard by the housing market dip and scaling inflation, as its pre-tax profit sinks.
It is the latest sign the hey-day for housebuilders is over, with rising mortgage rates combined with inflation squashing demand for house buying in recent months – as well as driving up labour, fuel and material costs.
The FTSE 250 housebuilder’s pre-tax profit sank two per cent to £284.8m in the six months to the end of October.
However, Berkeley has kept its pre-tax earnings guidance for the full year firmly cemented at £600m.
More to follow,