Berkeley’s annual profits fall; no dividend

Britain’s second-largest homebuilder by market value, Berkeley, has registered a year-on-year drop of 8.4 per cent in pre-tax profits at £110.3 million.

Annual revenues declined more than 12 per cent to settle at £615.3 million. The decline was the result of decline in the average selling price of property.

Still, the results were at the top end of City expectations, thanks to historically strong demand from overseas buyers. Berkeley said that the number of purchases by foreign home buyers jumped more than doubled during the last year.