Berkeley buys more sites as London housing soars

Aaron Morby 13 years ago
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House builder Berkeley has bought seven more London sites as the housing boom in the capital gathers pace.

The deals bring the total number of sites brought by Berkeley in the London and South East during the last nine months to 15.

In a trading statement the firm said: “Demand for Berkeley’s residential property in London and the South East has been resilient since the beginning of the year, consistent in general terms with market conditions throughout 2011.

“The attraction of London as a World City is key to underpinning sales to international buyers and the current constrained supply of quality new homes in the best locations in the South East of the UK places a premium on Berkeley’s product and maintains sales rates at previously achieved levels. ” said the house builder.

Cash from forward sales over the three months to the end of February topped £1bn, compared to £813m over the same period last year.

Berkeley said it welcomed the Government’s New Buy scheme, which would provide an additional stimulus to support demand for new homes.

The firm said it was well placed to deliver on its target to double profit before tax to some £220m by April 2013, two years earlier than originally planned and to enhance the value of its land bank to some £3 billion by April 2015.

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