Housebuilder Berkeley gloomy about London

One Blackfriars, designed by Simpson Haugh

One Blackfriars developer says capital’s market ‘lacks urgency’

London-focused housebuilder Berkeley has given a gloomy update on business in the capital saying the market is continuing to stall.

In a trading update for the four months to the end of August, the One Blackfriars developer said work in London was being hit by a number of problems.

It added: “This is a market that lacks urgency and London remains constrained by high transaction costs, restrictive income multiple limits on mortgage borrowing and prevailing economic uncertainty, accentuated by Brexit. These headwinds affect all segments of the market from home movers to downsizers and investors alike.

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