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Friday 09 December 2022 7:49 am

Berkeley profits dip as housebuilding hey-day slips away

By: Millie Turner

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Construction works on a house
Crest rejected a bid from Bellway

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,

Read more

Housebuilder shares soar on Burnham council housing plans

Construction worker on a new house roof, surrounded by scaffolding and building materials, illustrating housebuilding.

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