Berkeley cheers 'tremendous' year
Housebuilder Berkeley has hailed a "tremendous year" after it delivered a 58% hike in profits.The group said it continues to benefit from the resilience of the London property market as its profits soared to £214.8 million in the year to April 30, up from £136.2 million a year earlier.
But Berkeley sent out a warning shot to the Government over failing to invest in growth.
Tony Pidgley, chairman and founder of Berkeley, said: "Growth requires a stable political and economic environment with well-considered policies that welcome inward investment and give businesses the confidence to invest and grow."
He added: "Unnecessary bureaucracy, over-zealous regulation and taxation policy, and a negative rhetoric that undermines confidence, create barriers to the delivery of new housing which will pose an unwelcome drag on growth."
The group, which is focused on London and the Home Counties, said demand for residential property in good locations in the South East remained strong throughout the year.
The region's property market has been boosted by overseas investors viewing the capital as a safe haven from the eurozone.
Sales reservations were some 27% higher than the previous year, Berkeley said.
Fellow housebuilder Persimmon will give a trading update next week, with expectations for more positive news.
Charles Church owner Persimmon is one of a number of housebuilders benefiting from a rush from first time buyers to take advantage of a stamp duty holiday, while the launch of the Government's NewBuy 95% loan-to-value mortgage guarantee product is also expected to stimulate demand.
The group, which is focused on London and the Home Counties, said demand for residential property in good locations in the South East remained strong throughout the year.
The region's property market has been boosted by overseas investors viewing the capital as a safe haven from the eurozone.
Sales reservations were some 27% higher than the previous year, Berkeley said.
Fellow housebuilder Persimmon will give a trading update next week, with expectations for more positive news.
Charles Church owner Persimmon is one of a number of housebuilders benefiting from a rush from first time buyers to take advantage of a stamp duty holiday, while the launch of the Government's NewBuy 95% loan-to-value mortgage guarantee product is also expected to stimulate demand.
© 2013 Press Association