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Berkeley says London housing market still hit by Brexit, tax hike

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Berkeley says London housing market still hit by Brexit, tax hike

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LONDON (Reuters) – British housebuilder Berkeley <BKGH.L> said on Wednesday that the London property market continued to be hit by uncertainty surrounding Brexit and a property tax hike, but that it was on track to deliver anticipated profit growth. Berkeley said it had continued to trade according to expectations over the last four months and was on course to achieve at least 3 billion pounds ($3.91 billion) of pretax profit in the five years to the end of April 2021. Profit in 2017-18 will be at least flat, the firm said. “While Berkeley is in excellent shape the London market continues to be adversely impacted by both, uncertainty around the terms and implications of Brexit and, the changes in recent years to SDLT (stamp duty property tax) and mortgage interest deductibility,” the firm said.

(Reporting by Costas Pitas, editing by James Davey)
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