Issuing an update, the firm revealed that pre-tax profits fell 7.7% during its year ending April 30 2024 against 2023 but it had delivered profits of £557m as per its guidance.
According to the firm, it has secured 80% of its sales for next year, driving a 5% increase in its guidance for 2025’s pre-tax profit to £525 million. It has reconfirmed guidance for 2026 at £450 million. But both are declines in previous performance.
Regarding the new BTR platform, the business said that it recognised “the strong occupational and institutional investment demand for high quality, well-managed rental homes in London and the South East.”
It has initially identified around 4,000 homes across 17 of its brownfield regeneration sites.
The portfolio, Berkeley said, would be developed over the next ten years, broadly representing a 10% increase in delivery. It will be financed by a combination of internally generated funds, debt secured against rental properties once income is generated, and the introduction of third-party capital “at the appropriate time”.
The company noted that inflation was easing, with measured interest rate reductions expected. However, it added that due to ongoing uncertainty, it was prepared for sales rates to remain subdued “for the near term”.
During the year, it delivered 3,521 homes, down from 2023’s 4,043, 87% of which was built on regenerated brownfield land. Net reservations were one-third lower than the previous year.
Rob Perrins, Berkeley’s CEO, said: “Berkeley’s passion and purpose is to build quality homes, strengthen communities and make a positive difference in people’s lives.
"We stand out as the only large-scale UK homebuilder focused on brownfield regeneration, which is a vital driver for growth and a powerful force for good in our towns and cities."
