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05 Sep 2018 | 07:44

Berkeley Group reaffirms guidance despite concerns over London market

High-end housebuilder Berkeley Group reaffirmed its full-year guidance, but continued to express caution over the London housing market amid concerns about the impact of Brexit.

Berkeley reaffirmed its guidance to deliver at least £3.375bn of pre-tax profits in the five years from 1 May 2016 to 30 April 2021, with at least £1.575bn pre-tax profit to be delivered in the two years ending 30 April 2019.

The housebuilder continued, however, to express cautions over its key market in London, which remains constrained by high transaction costs, restrictive income multiple limits on mortgage borrowing and prevailing economic uncertainty, accentuated by Brexit.

Berkeley said it expects that net cash at the half year would be above the year-end position of £687.3m.

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