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Saturday 12th of September 2009
September 11, 2009    

Berkeley upbeat on London & South East housing market

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by Gill Montia

Property developer and regeneration specialist, Berkeley, has issued some upbeat comments on the housing market in London and the South East.

In June, when the company presented results for the year to the end of April, it noted an “emerging stability” in the market.

The group’s latest update confirms that the trend has continued to date, with both transaction volumes and pricing levels still showing improvement.

In addition, cancellation rates are now at normal levels for the firm and forward sales are being maintained.

The developer says it does not expect to have to make any writedowns on land values and that it is “well-positioned” to buy land in the current low-priced market.

Berkeley is therefore optimistic that its operating margins can be maintained and expects both half and full-year profit will be in line with expectations.

Last year, the builder won the the British Urban Regeneration Association’s best practice award for the first phase of its Royal Arsenal development in London.

The project included 1,250 new homes and the refurbishment of the former Ministry of Defence complex.

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