Berkeley says wider market 'constrained' due to Brexit worries

6th Sep 2019 07:06

(Sharecast News) - House builder Berkeley said first quarter market conditions in London and the South East had remained robust with stable pricing although Brexit worries and high transaction costs were constraining the wider market.
Pricing has remained stable and the group's forward sales position remained above £1.8bn, the company said on Friday ahead of its annual meeting.

"While very mindful of the potential for short-term market dislocations from the current political back-drop, we remain steadfast in our belief in the long-term resilience and attraction of our markets of London, Birmingham and the South East,".

"We continue to work with our supply chain to assess and address the risks associated with disruptive Brexit to the extent this is possible, including accelerating the delivery of certain materials and components."

Berkeley also faces a revolt over its pay policy as influential shareholder groups call for it to be voted down.

Institutional Shareholder Services (ISS) said the group's efforts to curb executive pay do not go far enough.