Berkeley lifts outlook despite ‘lack of urgency’ in housing market
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Housebuilder Berkeley has improved its outlook for the year despite “challenging” conditions across the housing market. The boss of the London-listed firm said it is witnessing a “lack of urgency” in property demand and expects this to continue until interest rates start falling from their current rate of 5.25%. Berkeley, which predominantly focuses on developments in London and southern England, said it expects a pre-tax profit of £525 million for the current financial year, lifting its previous target by 5%. The company said it has been impacted by interest rates remaining at high levels for longer than expected, but stressed there are “signs that the outlook is improving with inflation greatly reduced, the first interest rate cut expected later this year and a return to growth”.
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