Get all your news in one place.
100's of premium titles.
One app.
Start reading
The Guardian - UK
The Guardian - UK
Business
Julia Kollewe and Joanna Partridge

Housing market will be ‘choppy’ until interest rates settle, says Berkeley boss

Hoardings display a logo of Berkeley Group in London
Berkeley’s share price fell 2% in early trading on Wednesday, as investors were surprised by figures that showed UK inflation remained at 8.7% in May. Photograph: Henry Nicholls/Reuters

The boss of Berkeley Group has said the property market will remain “choppy” until interest rates settle, as the housebuilder forecast a 20% drop in sales this year.

Mortgage rates have soared in recent weeks, as the Bank of England’s attempts to reduce stubbornly high inflation have fed through into lending deals, pushing the average interest on a two-year fixed loan above 6%.

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.