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Homebuilder Berkeley reported a sharp drop in profit as it sold fewer homes and prices declined in the first half of the year.
For the six months ended 31 October 2019, pre-tax profit fell 31% to £401.2m on-year and revenue fell 41.3% to £931m.
The homebuilder sold 1,389 homes, down from 2,027 at an average selling price of £644,000, down from £740,000.
'The reduction in profit before tax of 31.0% on the equivalent period last year was anticipated and reflects the completion of a number of Central London developments acquired in the period from 2009 to 2013,' the company said.