Berkeley sees higher costs, supply chain issues

UK house builder Berkeley Group on Friday said it was experiencing construction cost inflation and “mindful of ongoing supply chain and labour market issues due to Brexit and the pandemic”.

The company maintained full-year guidance of pre-tax profit at or above last year’s £518m for the 12 months to April 30, 2022.

"The first four months of this new financial year have seen a continuation of the resilient market conditions reported with our full-year results in June. The gradual easing of lock-down restrictions has been accompanied by a gradual firming of the London market as anticipated,” the company said in a trading statement for the four months to August 31.

Outside London, the market has remained robust, Berkeley added, with underlying reservations in line with those achieved in the two years prior to the pandemic.