Soaring interest rates have driven up mortgage costs for potential buyers while high inflation is putting pressure on household budgets. Berkeley said it will 'only invest very selectively in new opportunities' to acquire sites for new projects. Richard Hunter, head of markets at Interactive Investor, said: 'Berkeley Group continues to fine-tune its operations against a notoriously difficult backdrop for the sector. Despite the economic uncertainty, Berkeley confirmed it expects to meet a pre-tax profit forecast of at least £1.05billion in the current and next financial years. Berkeley said it expects forward sales of around £2billion at the end of October, compared to £2.14billion at the end of April.

Source: Daily Mail September 09, 2023 01:20 UTC