Interim sales, profits fall at Berkeley

Berkeley Group Holdings Plc   Follow posted weaker interim revenues and profits on Wednesday amid a "very challenging" macroeconomic and regulatory environment.
Revenues at the high-end housebuilder came in at £1.2bn in the six months to 31 October, down from £1.3bn a year previously. Pre-tax profits eased 7.7% to £254m.

The blue chip sold 2,022 new homes in London and the south east during the period, compared to 2,103 in the first half of 2025. The average selling price was also weaker, falling to £570,000 from £600,00.

However, net cash was £5m higher, at £342m, while net asset value per share rose 5% to £37.63.

Executive chair Rob Perrins called it a "highly creditable performance...in a very challenging macroeconomic and regulatory environment".

He continued: "Customer interest has been good in the period, evidenced by the level of enquiries and leads we are experiencing.

"However, the market has remained constrained by higher-than-anticipated interest rates and macroeconomic uncertainty.

"The value of underlying sales reservations was stable for the first four months of the period, but has been more subdued since, due to speculation and uncertainty leading up to last month's Budget."

Forward sales reduced to £1.1bn from £1.4bn.

But the firm said it remained on track to meet full-year profit guidance of £450m, and a similar level for 2027.

"While near-term sentiment remains cautious, the long-term outlook is more positive, particularly in London, where undersupply is compounding and affordability is gradually improving," Perrins said.