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Berkeley’s half-year results lifted it to the top of the FTSE 100 index in mid-morning trading in London — and gave a helping hand to its fellow housebuilders.
Shares in Berkeley jumped more than 8 per cent to £41.66 after the company, which bills itself as “London’s leading place-maker”, upgraded its five-year forecasts amid “strong” fundamentals in London and the south east.
Berkeley appears to have successfully overcome jitters about the wider London property market, increasing its average selling price in the six month to end October to well over £700,000.
The resilience of demand from London would-be homeowners over macroeconomic uncertainty also buoyed Barratt Development, Persimmon and Taylor Wimpey — which are all less exposed to the capital’s property market than Berkeley.
Barratt was up 3.3 per cent at 627.5p, Persimmon 3.1 per cent at £26.86p and Taylor Wimpey 2.4 per cent at 201.9p.