British housebuilder hits pre-Covid profit levels

Berkeley said it has increased its earnings outlook for the current fiscal year by 5%.

Rising house prices have helped British building firms to tackle cost pressures from supply chain disruptions. File Picture: Joe Giddens/PA Wire

British housebuilder the Berkeley Group raised its annual profit outlook after sales recovered to pre-Covid-19 levels on strong demand in an under-supplied housing market.

Berkeley, which operates mainly in London, Birmingham, and the south of England, said it has increased its earnings outlook for the current fiscal year by 5%, and anticipates 5% annual profit growth for the next three years.