Berkeley sees FY results at top end of expectations

Berkeley added it remains on course to deliver £2bn of pre-tax profit in aggregate over the three years culminating in 2017/18.

"Reservations are approximately 4% lower than in 2014/15 due to a change in mix of product and the strength of the forward sales secured in recent years," Berkeley said.

"In spite of global macro uncertainty, including the impending UK European Referendum, underlying demand has remained strong. Transaction levels at the upper end of the housing market have been affected by the significant increase in transaction taxes over the last 18 months which will have consequential effects on both social mobility and the supply of new homes."

"Since the half year, we have sold 62 properties at prices over £2m - a similar number to the same period in 2014/15, when the market slowed in the run-up to the General Election."

Berkeley said it had remained selective in the land market, acquiring four sites in the period, including two conditionally contracted long-term regeneration schemes at the Oval Gasworks adjacent to the Oval cricket ground in Lambeth and an 11.2 acre site in Hornsey, North London.

In addition, two sites have been contracted outside of London; a 23 acre site in Ascot which has been acquired unconditionally and a 12 acre site in Cookham contracted on a subject-to-planning basis.

Berkeley has also made good progress in the period in enhancing its land holdings through three new and nine revised planning consents. The new consents are in Sevenoaks, Winchester and Kingston.