Berkeley confirms housing market improvement

9th Sep 2009 07:10

London and south-east focused housebuilder Berkeley reports the recent steadying in the housing market has continued with cancellation rates at normal levels and forward sales maintained above £600m in the first four months of its current financial yearBerkeley added it does not expect any land write-downs and had net cash in excess of £300m at 31 August. This cash position is after acquiring Saad Investments shares in certain joint ventures that became 100% owned subsidiaries of Berkeley at the end of July.'Operating margins can be maintained within the group's historic range and the financial performance for both the half and full year will be in line with its expectations,' it added.