Shares flat in morning trade
Expects 1.05 bln stg pretax profits in FY24 and 2025
Forward sales of around 2 bln stg at Oct. 31
Selective about investment amid economic concerns

LONDON, Sept 8 Reuters British highend developer Berkeley Group reaffirmed its profit forecast on Friday, but joined other homebuilders in highlighting a gloomy trading environment due to higher borrowing costs and wider macroeconomic concerns.

Britain39;s housing market has struggled in recent months as demand slowed against the backdrop of Bank of England efforts to tame inflation with a sustained run of interest rate rises.

FTSE 100 member Berkeley reported a 35 fall in private sales reservations in the first four months of its current fiscal year, which began May 1, from a year earlier.

Berkeley, which unlike its bigger rivals focuses on redeveloping land that was previously used for industrial purposes, reiterated pretax profit guidance of 1.05 billion pounds 1.3 billion for the fiscal years 2024 and 2025.

Shares in the company were flat in early morning trade.

Other housebuilders, including its largest Barratt, as well as Taylor Wimpey, Crest Nicholson and Bellway have all warned over the state of the market.

Berkeley is seen as being more resilient, however, as many of its developments are targeted at the luxury market and it has a greater exposure to London.

Demand in the capitals likely to remain more robust than other areas of the country … but in the short term, theres…