London house builder Berkeley has warned that the government’s stamp duty reforms will hurt sales of homes valued above £2m.
About 15% of Berkeley’s homes sell for more than £2m, and managing director Rob Perrins has said that he is worried about the ‘continual change’ in government policy. It is the third time that stamp duty has been changed since 2010.
Perrins was speaking as the company announced a 25% rise in revenue to £1bn for the six months to October, compared with the same period a year earlier. Pre-tax profit rose to £305m.
Berkeley said the average sales price rose 85%, from £350,000 to £649,000 over the period.
Shares in the FTSE 250 company, which have risen 60% in the past two years, closed up 3.63% to £25.96.
Perrins told the Times that stamp duty should have been scrapped for homes under £250,000.
Times, 13
FT Weekend, 17
