London’s biggest housebuilder is to halt buying up land for development because of “unprecedented” increases in costs and regulation, and weak demand from buyers in another setback to the Government’s targets for new homes.
In a bombshell strategy update Berkeley Group laid out a new policy “to reflect the current operating environment.” It said that hopes of as recovery in the market have been dashed by the outbreak of war in Iran “and the macroeconomic consequences, including reduced potential for further rate cuts.”
