Berkeley makes record first half profit

Berkeley Group, the up-market housebuilder and urban regenerator, has made a record interim pre-tax profit of £116.8m.

Announcing the latest results this morning, managing director Tony Pidgley said: "We have maintained our forward sales position at £875m and improved operating efficiencies." He added: "The property market in the UK has been uncertain, especially in our core markets of London and the South East."

During the period, Berkeley sold over 2,000 houses at an average selling price of £271,000. The average price in the same period last year was higher at £285,000. However, operating margins moved ahead to 18.9%.

Turnover (six months to 31 October) was £635m. Berkeley's former Crosby business has been sold to its management team led by Geoff Hutchinson.