Enquiries are at a consistently good level, and we have seen the modest improvement in sales reservations that we noted at the time of the interim results continue through this trading period with sales rates ahead of those achieved last year.  For this improvement to continue and sales rates to return closer to the levels of three years ago, there needs to be greater confidence in the trajectory of interest rate reductions and wider economic stability.

We remain hugely encouraged by the change in mind-set over planning, brought about by the Government’s planning reforms and housing delivery ambitions which we fully support. In the period, Berkeley has made good progress, securing important amendments on 10 of our long-term regeneration sites. We are now working with our local authority partners to finalise the Section 106 agreements and clear conditions on a number of these so they can be implemented. We are also actively appraising a number of opportunities in the land market.

Nonetheless, Berkeley remains concerned by the impact of the extent and pace of regulatory changes of recent years, as we now await details of the new Building Safety Levy. Taken together, these incremental changes place significant pressure on the delivery of new homes.

We are also working hard in preparing the Building Safety cases required under the pre-start on site Gateway 2 approval process implemented by the new Building Safety Regulator. Alongside the rest of the industry, including the G15 group of Housing Associations, we believe a review of this process is necessary to ensure it meets its objectives without incurring further delays to delivery, and thereby supports the Government’s housing ambitions.