<p><span>The Berkeley Group has not bought land since May due to planning uncertainty and economic turbulence, the housebuilder said today (September 8).</span></p> <p><span>Issuing a trading update covering May 1 to August 31 – its financial year so far – Berkeley said that it would currently only invest “very selectively” in new opportunities.</span></p> <p><span>It stated: “The complexity and protracted nature of the current planning system and lack of clarity surrounding certain regulatory changes affecting our sector, at a time of considerable uncertainty for the UK economy with persistent high inflation and interest rates, continues to deter investment into brownfield regeneration and the wider housebuilding sector.”</span></p> <p><span>During the four months reported, the value of Berkeley’s underlying private sales reservations was around 35% below last year, with enquiries staying at similar levels since the housebuilder’s </span><a href="http://www.house-builder.co.uk/news/berkeleys-land-buying-paused-may"></a><a href="http://www.house-builder.co.uk/news/berkeleys-profit-rises-amidst-regulatory-concerns">full year results.</a><span></span></p> <p><span>But the London and South East firm reaffirmed that it was still on course for pre-tax profits of “at least” £1.05 billion across the current and next financial years. This was likely to be “slightly” weighted to FY 2024. For the current financial year, profits are expected to be spread evenly between the first and second half.</span></p> <p><span>Berkeley anticipates cash due on forward …