In this period, Berkeley has seen 1,785 homes delivered, plus 204 in JVs (2022: 2,080, plus 251) – 87% of which are on brownfield land.

The group has provided approximately £254m of subsidies to deliver affordable housing and committed to wider community and infrastructure benefits in the six-month period.

Since 2017/18 all new planning applications have committed to biodiversity net gain, in total 54 developments which together will create more than 550 acres of new or measurably improved natural habitats.

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Looking forward, the group has decided to focus on financial strength and existing sites, and not invest in new developments due to the current planning and regulatory environment.

The group stated that during the last six months, macro volatility has increased, domestically and abroad, with the prospect of UK interest rates remaining higher for longer and weak economic growth projections.

Against this backdrop, the sales market lacks urgency and Berkeley’s net reservations for the six months to 31st October 2023 have been around a third lower than the average rate throughout FY23. 

The group anticipates that the sales market will remain subdued before inflecting in its normal cyclical manner once there is greater confidence in a downward trajectory for interest rates and economic stability returns.