March 17, 2017 / 7:31 AM / 4 months ago

Builder Berkeley expects profits rise despite London slowdown

1 Min Read

LONDON (Reuters) - London-focussed housebuilder Berkeley (BKGH.L) said it expected full-year profits to be at the top end of market expectations despite demand falling in the capital due to Brexit and an increase in property taxes on the priciest homes.

Berkeley is expected to post a nearly 40 percent rise in pre-tax profits to 730 million pounds in the 12 months to the end of April, according to a Thomson Reuters poll of analysts.

The firm said reservations, when buyers pay a fee to take properties off the market, fell 16 percent between August and February after Britain's referendum in June but picked up over the last two months.

It said prices were holding up and remained above levels the business had planned for.

Reporting by Costas Pitas, Editing by Paul Sandle

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