In a trading update, the London house builder confirmed it is on track to deliver pre-tax earnings of £450m for the year to 30 April 2026, with around 85% of profits already secured through exchanged sales contracts.

But alongside the stable financial outlook came a stark warning over London housing delivery.

Berkeley warned the latest MHCLG, GLA and Molior market figures showed new starts have fallen to levels not seen since the 2008 financial crisis.

The company said this reflected a “confluence of well-documented regulatory, economic and market factors”, with the Building Safety Regulator flagged as a major blocker.

It said: “The focus must be on de-regulation, resolving the challenges of the Building Safety Regulator and not increasing taxation over and above the Building Safety Levy introduced in the period, be this through the changes to Landfill Tax, currently being consulted upon, or further property taxation, as this will deter investment.”

The group added that its regeneration-led model can play a pivotal role in boosting housing, economic growth and environmental gains, if government works in partnership with the sector to unlock sites.