Berkeley Group, the United Kingdom's largest residential developer, reported annual pretax profits that fell short of market expectations, signaling persistent headwinds in the British housing market.
The results reflect a broader slowdown in construction activity, driven by a combination of escalating building costs and heightened consumer caution.
The developer cited uncertainty linked to the ongoing conflict in Iran as an additional factor squeezing margins, alongside domestic economic pressures.
This marks a continuation of the difficult trading environment for UK homebuilders, who have struggled to maintain volume growth amid rising input prices and softer demand.
The miss follows earlier warnings from Berkeley Group that the new-build housing market faces no prospect of material improvement without decisive government intervention.
The company had previously called for policy support to stabilize the sector, highlighting the structural challenges facing the industry beyond cyclical downturns.