Upmarket Berkeley bucks the property trend | Business | The Guardian

Upmarket Berkeley bucks the property trend | Business | The Guardian

London-focused housebuilder Berkeley Group will hit an ambitious profit target two years early, it said on Monday, as it provided further evidence of the UK's two-tier housing market.

While house prices drift across the UK generally, upmarket builder Berkeley said it would now double profits in three years, rather than five.

The success of Berkeley is testament to the strength of the central London housing market – 70% of Berkeley's land is within zones one and two. Equally, the lack of mortgage finance that has led to weakness in the broader UK residential property market affects Berkeley less since many buyers are from overseas, and pay in cash. Berkeley said in its most recent annual report that 50% of its customers do not require a mortgage