Housebuilder Berkeley to halt buying new land and hiring staff

Berkeley said that before ‘recent geopolitical events’ there had been signs of a modest recovery in sales volumes. Photograph: Bloomberg/Getty Images

One of Britain’s biggest housebuilders has said it will stop buying new land and hiring new staff, as it grapples with the impact of the Iran war on the property market.

The London-focused housebuilder Berkeley said it would cut costs as it warned that “geopolitical volatility” and reduced potential for interest rate cuts could weigh on the business.