Monday 1 September 2014 8:48 pm

London housing market is back to normal, says Berkeley chair

HOUSE builder Berkeley’s chairman Tony Pidgley has said that London’s housing market is “stabilising”, in a trading update. “Since the start of the current financial year, the market has reverted to normal transaction levels from the high point in 2013, providing a stable operating environment. Demand for the right product with good design in the best locations has remained resilient,” said Pidgley in an update that coincided with the firm’s shareholder meeting yesterday. Berkeley also reported cash on its forward sales had risen to more than £2.2bn over the past year. “With a strong balance sheet and land bank Berkeley is well positioned to continue to invest in the business and deliver returns to shareholders. Earnings this year are anticipated to be in line with current market expectations,” added Pidgley. All of the company’s shareholder meeting proposals were passed by 95 per cent of voting shareholders. Eight per cent of eligible shareholders refused to back its remuneration report and policy.