Friday, Dec 05, 2008
What!!!!!!
contract Journal: Berkeley: average house prices rise by £155,000
Berkeley’s average house price in the latest six-month period soared to £399,000, far higher than the previous figure of £245,000 in the comparable period last year.
Posted by mark @ 10:50 AM (692 views) Add Comment
11 Comments
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1. fjcruiser said...
Recession is over folks.
2. gardeniadotnet said...
The average sale price surged “due to sales mix with a high proportion of sales revenue in the period coming from the delivery of the forward sales taken in previous periods on our Central London sites and a lower proportion of affordable units compared to the same period last year.”
Er, right. Run that past me again.
3. mark said...
do you think this is a bit like the B&B statement all was ok when it was far from it, maybe berkley are really on the edge..
4. bystander said...
does he mean that the prices they charged last year were more extortionate than anyone else and that these are just now appearing on the balance sheets. What sort of punitive tie-ins do Berkeley home employ?
Surely if their debt is 5m then that is gearing isn't it???
If this is true then the housebuilders can stop begging for interest rate cuts and start doing whatever it is Berkeleys are doing.
Can anyone explain thsi rise of 155K while everyone else has suffered 15% drops except for the carrying over of sales from last year when the market was at a peak and everyone wanted a slice of central London?
5. Will said...
Creative accounting, or they are trying to convince us that all is well.
6. drewster said...
"due to the sales mix" - They've probably just completed an estate of "executive" houses (rabbit hutches with garages) rather than their more usual pokey flats. Nothing to worry about for us!
7. little professor said...
Looking good
8. Abouttime said...
(2) - The average sale price surged “due to sales mix with a high proportion of sales revenue in the period coming from the delivery of the forward sales taken in previous periods on our Central London sites and a lower proportion of affordable units compared to the same period last year.”
So they had a) a lot of sales from previous periods that completed, and b) less cheaper (presumably smaller) houses
9. crash bandicoot said...
gardenia, I think that they sold all of their unaffordable units last year but didn't count them until now. I'm not too sure who can afford to buy unaffordable units but I would imagine that Grant Bovey and Anne Ashworth could point you in the right direction.
I would be interested to see what they consider to be "affordable" though, I think it will differ from my view.
10. d'oh said...
Berkeley was the one company that listened to Fred Harrison...as stated by Fred himself. These guys will survive this mess. I think hey are still planning on returning cash to their shareholders...about £3 a share or something iirc.
11. icarus said...
No like-for-like comparison so the headline is meaningless. But can anyone explain the buying of Berkeley properties as an investment?