London 'shortages' boost for Berkeley

Housebuilder Berkeley said a shortage of properties in London's prime spots would keep growth strong after sales rose by a fifth over the last year.

The London and the south east-focused group saw profits jump by 23.5 per cent in the year to 30 April, to 136.2 million, while forward sales stood at 813.5m, up by a quarter on the year before.

It said a lack of quality new homes in areas with good infrastructure, transport and employment meant it could sell half its homes to customers who did not need a mortgage.